Home prices surge to another record high in February

In February, home prices surged to a new peak despite soaring mortgage rates, exacerbating affordability challenges for many Americans amid a persistent housing shortage.

According to the S&P CoreLogic Case-Shiller index, national home prices rose by 6.4% compared to the previous year, accelerating from the prior month’s 6% increase and marking the fastest growth since November 2022.

On a monthly basis, prices climbed by 0.4%.

Various factors are contributing to the affordability crisis, including years of underbuilding, rising mortgage rates, and expensive construction materials.

Additionally, sellers who secured historically low mortgage rates during the pandemic are hesitant to sell, further constraining supply.

Economists anticipate that mortgage rates will remain high throughout 2024, with a potential decline only occurring once the Federal Reserve begins to cut rates, Fox Business reported.

read more: https://www.foxbusiness.com/economy/home-prices-surge-another-record-high-february

Links for B.C.

Visit My Website
https://bcbegley.com

Follow Me On Facebook
https://www.facebook.com/B.C.Begley

Subscribe To My Patreon
https://www.patreon.com/bcbegley

Watch Me On YouTube
https://www.youtube.com/channel/UCGoUf-QQTlTN-BIh3ERCE9A

Follow Me On Twitter
https://twitter.com/BC_News1

Watch Me On Rumble
https://rumble.com/c/c-280191

Follow Me On Gab
https://gab.com/BC_Begley

Follow Me On Truth Social
https://truthsocial.com/@BC_Begley

#HomePrices