US home prices continued to rise in September, hitting a new record high and marking the eighth consecutive month of increases, according to data released Tuesday.
Even as mortgage rates lingered above 7% in September, historically low inventory continued to push up the price of a home.
Prices rose 0.7% in September from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index.
Compared to a year ago, the national composite index also rose, with prices up 3.9% from September 2022, the data shows.
Year to date in September, the national composite, which covers all nine US census divisions, has risen 6.1%. That is well above the typical annual increase over the 35 years that S&P has tracked the data.
“Although this year’s increase in mortgage rates has surely suppressed the quantity of homes sold, the relative shortage of inventory for sale has been a solid support for prices,” said Craig Lazzara, managing director at S&P Dow Jones Indices.
Unless broader events lead to general economic weakness, the breadth and strength of prices are expected to continue, he said.
This is a developing story and will be updated.
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