US Home Prices Again Rise As Tight Supply, Mortgage Rates Evaporate Affordability

Home prices rose in October as lackluster housing supply continues to prop up the U.S. real estate market despite higher mortgage rates.

According to the Federal Housing Finance Agency (FHFA), the average prices of single-family homes with mortgages guaranteed by Fannie Mae and Freddie Mac climbed 0.3 percent in October. This was down from an upwardly revised 0.7 percent in September.

Compared to the same time a year ago, house prices increased by 6.3 percent.

Regionally, seasonally adjusted monthly price changes ranged from a 0.3 percent drop to a 1.1 percent gain.

“U.S. house price gains remained strong over the last 12 months,” said Nataliya Polkovnichenko, the Supervisory Economist in FHFA’s Division of Research and Statistics, in a statement.

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