From CNBC:



Pending home sales fell 1.5% in October to their lowest level in 20 years, according to a report by the National Association of Realtors. However, home prices rose 4.8% nationally in October compared to October 2022, marking the strongest annual gain seen in 2023. The 10-city composite rose 5.7% and the 20-city composite rose 4.9%.

This increase in home prices came despite a significant rise in mortgage interest rates in October, with the 30-year fixed rate reaching over 8%. However, rates have since dropped steadily through November and more sharply in December.

Among the top 20 cities, Detroit reported the largest year-over-year gain in home prices at 8.1% in October. San Diego and New York followed with increases of 7.2% and 7.1%, respectively.

Selma Hepp, chief economist at CoreLogic, noted that home price gains have increased by 7% since the beginning of the year and are 1% higher than at the peak in 2022, indicating potential for further acceleration in home price appreciation in the coming months before slowing again next year.



Read more: October home prices post biggest gain of 2023