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House Prices Continue To Rise

Bruno T
Macro
November 28 2023 05:16AM


In September, single-family home prices in the United States continued their upward trajectory, although at a slower pace than anticipated, as reported by the S&P/Case-Shiller index published on Tuesday.

This index, which tracks price fluctuations in the nation’s 20 major urban areas, experienced a month-on-month increase of 0.3%, falling short of the economists’ expected rate of 0.7%.

On an annual basis, the S&P/Case-Shiller index has surged by 3.9%, driven by the strong performance of cities like Detroit (+6.7%), San Diego (+6.5%), and New York (+6.3%). Notably, house prices outpaced the inflation rate (+3.7%) in September.

Despite the notable increase in interest rates, this indicator has continued to climb for the eighth consecutive month since hitting its low point in January 2023.

In ten cities (Atlanta, Boston, Charlotte, Chicago, Cleveland, Detroit, Miami, New York, Tampa, and Washington), property prices have reached historic highs.