In October, despite the highest mortgage rates of the twenty-first century, home prices surged, with a 4.9 percent increase compared to the previous year, marking the strongest pace of gains in 2023.
The 10-city and national indices also saw significant rises, reaching all-time highs.
Contrary to expectations, the housing market continued to thrive, even as mortgage rates hit over eight percent. (Trending: Democrat Found Guilty In Corruption Trial)
Economists predict that with easing mortgage rates and the Federal Reserve’s plans for a more accommodative stance, homeowners may experience further appreciation.
Brian D. Luke, Head of Commodities, Real & Digital assets at S&P DJI, said, “Home prices leaned into the highest mortgage rates recorded in this market cycle and continued to push higher.”
“With mortgage rates easing and the Federal Reserve guiding toward a slightly more accommodative stance, homeowners may be poised to see more appreciation,” added the analyst.