US Home Prices Rise 4.8% in October Despite High Mortgage Rates

Detroit Sees Highest Jump as Mortgage Rates Begin to Fall, Potentially Reviving Housing Market in 2024

Home prices across the US rose by 4.8% in October 2023, marking the strongest annual gain of the year, according to the S&P CoreLogic Case-Shiller home price index.
Detroit saw the highest jump in home prices with an 8.1% increase, followed by San Diego at 7.2%.
Mortgage rates, which had reached a 23-year high of 8% in October, have since fallen, with the 30-year fixed rate dropping to 6.67% by late December.
Despite high mortgage rates, home prices continued to rise due to low inventory and high demand.
Analysts predict that the drop in mortgage rates could lead to a revival of the housing market in 2024.