Washington, DC (CNN) — US home prices continued to rise in October, hitting a new record high and marking the ninth-consecutive month of increases, according to data released Tuesday.
Even as mortgage rates lingered above 7% in October, reaching the highest levels in 23 years, historically low inventory continued to push up the price of a home.
Prices rose 0.6% from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index.
Compared to a year ago, the national composite index covering all nine U.S. census divisions reported a 4.8% annual change in October from the year before, up from a 4% change in the previous month.
“U.S. home prices accelerated at their fastest annual rate of the year in October,” said Brian D. Luke, head of commodities, real and digital assets at S&P DJI in a statement.
This marked the strongest national growth rate since 2022.
Each index — the 10-city, 20-city and National Index — remained at all-time highs, with eight of 20 cities registering all-time highs: Miami, Atlanta, Chicago, Boston, Detroit, Charlotte, New York and Cleveland.
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