US Home Prices Surge, Hitting New Records Amid Persistent Affordability Crisis

January sees the fastest annual increase in home prices since late 2022, led by significant jumps in cities like San Diego and Los Angeles.

The S&P CoreLogic Case-Shiller US National Home Price Index recorded a 6% increase in January, the sharpest year-over-year rise since November 2022.
San Diego experienced the highest jump with an 11.2% increase in home prices, followed by Los Angeles with an 8.6% rise.
High mortgage rates, nearing 7% in March, continue to exacerbate the home affordability crisis for many Americans.
Despite a general downtrend in monthly home prices due to elevated borrowing costs, some cities like San Diego and Los Angeles still report price increases.
The Federal Reserve's interest rate hikes, aimed at curbing inflation, have indirectly contributed to the rise in home prices.