US Home Prices Reach Record Highs Amid Tight Market

Despite high mortgage rates, demand continues to outstrip supply, driving prices upward with San Diego leading the surge.

US home prices hit a new all-time high in December, marking the 11th consecutive month of price increases.
San Diego led the nation with an 8.8% annual increase in home prices, followed closely by Los Angeles and Detroit.
Despite a slight month-to-month softening in December, the annual growth rate for home prices exceeded the average of the past 35 years.
High mortgage rates and a persistent shortage of homes on the market are contributing to the rising prices.
Economists predict home prices will continue to rise in 2024, albeit at a slower pace than in 2023.