US home prices maintain 6% growth in October, echoing September’s rise
Posted on November 21, 2024 |
US home prices rose by 0.5% month-over-month in October, matching the increase seen in September.
Year-over-year, home prices saw a 5.9% increase, the smallest rise since December 2023.
Monthly home price growth has ranged from 0.2% to 0.7% since November 2023, aligning with trends seen before the pandemic (2015-2020).
During the pandemic, home prices peaked with nearly 2% growth month-over-month in June 2021, before dropping to -0.1% in August 2022.
Elevated mortgage rates have deterred many buyers, capping potential price increases.
A limited supply of homes has kept demand high, resulting in continued upward pressure on prices.
The market is returning to steady growth after the volatility caused by the pandemic.
