US home prices hit ANOTHER record in September, rising for the eighth straight month – here are the cities where property costs are at all-time highs

US home prices rose for the eighth straight month in September, reaching a record high, according to new data.

According to the American newspaper, prices rose by 0.7 percent compared to the previous month S&P CoreLogic Case-Shiller U.S. National Home Price Index – the main measure of US home prices.

It means properties are up 3.9 percent year-over-year, Case-Shiller data shows. It’s an acceleration of price increases since August, when the average U.S. home rose 2.6 percent year over year.

Mortgage rates rose above 7 percent in September, and historically low inventories pushed prices higher.

Home prices also shot to record highs in Atlanta, Boston, Charlotte, Chicago, Cleveland, Detroit, Miami, New York, Tampa and Washington, the data show.

According to Redfin, the average home in Detroit was for sale for about $85,000 in September, up from $80,000 the year before.

According to Redfin, homes in Tampa, Florida, averaged $415,000 in September, up from $390,000 the year before.

According to the Case-Shiller 20-city composite, prices in 17 of the cities are higher than in September 2022.

Detroit saw the largest year-over-year price increase, the data showed, with the average home price rising 6.7 percent.

San Diego saw the average price rise 6.5 percent, and New York saw costs rise 6.3 percent through September.

Cities where prices fell the most over the year through September were Las Vegas, where costs fell 1.9 percent, Phoenix, where prices fell 1.2 percent, and Portland, where the average home fell in price by 0.7 percent.

The Northeast and Midwest remain the regions with the largest price growth, the report found, with increases of 5.3 percent and 5 percent over the year.

“While the rise in mortgage rates this year has certainly suppressed the number of homes sold, the relative shortage of inventory for sale has been a strong support for prices,” S&P’s Craig Lazzara said in a statement.

House prices have risen in recent months as home sales have fallen.

According to the National Association of Realtors (NAR), sales volumes reached a 13-year low in September.

Buyers are currently facing a perfect storm of rising mortgage rates and home prices.

Although the average 30-year mortgage rate fell slightly from last month’s high, it still remains at 7.29 percent as of Nov. 22, according to the latest data from government-backed lender Freddie Mac .

According to the NAR, the average home sold for $391,800 in October, an increase of 3.4 percent from the year before.

According to Redfin, the average home in Detroit was for sale for about $85,000 in September — up from about $80,000 the year before

However, it is possible that prices will drop in 2024 Zillow.

The property market has forecast that house prices will fall by 0.2 percent between November 2023 and October 2024 as the number of homes for sale increases.

“Despite remaining historically low, new listings have at least moved closer to pre-pandemic norms over the past two months,” according to a Zillow research note.

‘This could be an early sign that the impact of the interest rate increase is easing as homeowners accept that higher interest rates will continue. More homes on the market means less competition per advertisement.’