Home prices nationwide rose 6.4%, hitting all-time highs in February 2024.

From Yahoo Finance: 2024-04-30 16:57:46

In February, home prices nationwide rose 6.4%, the fastest since November 2022, reaching all-time highs, according to the S&P CoreLogic Case-Shiller Home Price Index. The 10- and 20-City Composite indices are also at record levels. Prices in the 20 largest cities jumped 7.3%, exceeding expectations of a 6.7% increase.

Seattle, San Diego, and San Francisco witnessed the largest monthly increases in home prices, while over the past year, San Diego, Detroit, and Chicago saw the biggest price hikes. The shortage of existing homes for sale contributed to a 0.4% rise in house prices in February.

Despite high mortgage rates, strong buyer demand and limited supply are expected to drive solid house price growth, with experts predicting a 5% year-over-year increase by the end of 2024. The resilience in home prices, despite economic uncertainties, points to sustained buyer enthusiasm supported by potential Fed cuts and lower mortgage rates.



Read more at Yahoo Finance: Nasdaq sinks 2% as stocks plummet to end worst month of 2024