{"id":4971,"date":"2024-03-26T19:05:34","date_gmt":"2024-03-26T19:05:34","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/03\/26\/home-prices-hit-new-record-high-in-january-says-case-shiller\/"},"modified":"2024-03-26T19:05:34","modified_gmt":"2024-03-26T19:05:34","slug":"home-prices-hit-new-record-high-in-january-says-case-shiller","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/03\/26\/home-prices-hit-new-record-high-in-january-says-case-shiller\/","title":{"rendered":"Home Prices Hit New Record High in January, Says Case-Shiller"},"content":{"rendered":"

<\/a><\/p>\n

Scott Olson\/Getty Images<\/p>\n

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Home prices<\/a> reached a new record high in early 2024.<\/p>\n

Nationwide, home prices rose 6% in January from a year earlier, according to the latest S&P CoreLogic Case-Shiller Home Price Index<\/a> released on Tuesday. That was the biggest year-over-year increase since November 2022.<\/p>\n

\u201cU.S. home prices continued their drive higher,\u201d Brian D. Luke<\/strong>, head of commodities, real and digital assets at S&P Dow Jones Indices, said in a statement. \u201cHomeowners most likely saw healthy gains in the last year, no matter what city you were in, or if it was in an expensive or inexpensive neighborhood.\u201d<\/p>\n

Prices jumped 7.4% year over year in January in the 10 largest metros tracked by the index. They were up 6.6% in the 20 largest metros. On a seasonally adjusted basis, home prices continued to break through the all-time highs reached last year.<\/p>\n

\u201cMoving into the spring, buyers and sellers alike are looking for ways to seize any opportunity today\u2019s challenging market offers,\u201d said Realtor.com\u00ae senior economic research analyst Hannah Jones <\/strong>in a statement. \u201cBuyers face still-high prices and mortgage rates, as well as historically low inventory levels, but for-sale options are improving and are expected to continue to climb seasonally through the spring and summer.\u201d<\/p>\n

Despite the healthy annual gains in home prices, the monthly gains were more modest. That could signal a looming moderation in price growth<\/a> if the trend continues.<\/p>\n

From December to January, price growth was just 0.4% nationally, 0.1% for the 10-city index, and 0.2% for the 20-city index, according to the report.<\/p>\n

\u201cIf the trend continues we could see prices start to fall, though unfortunately we\u2019re a year away from seeing home prices drop nationwide, in the best case,\u201d Robert Frick<\/strong>, corporate economist with Navy Federal Credit Union, said in a statement.<\/p>\n

\u201cLow home inventories coupled with pent-up demand<\/a> could push up prices, so lower home prices are far from certain,\u201d Frick added.<\/p>\n

Where are home prices rising the fastest?<\/h2>\n

San Diego, CA<\/p>\n

Getty Images<\/p>\n

Among the 20 largest metros tracked by Case-Shiller, San Diego<\/a> again reported the highest year-over-year home price gain. It notched an 11.2% increase in January.<\/p>\n

Los Angeles<\/a> followed with an increase of 8.6%. Detroit<\/a> came in third with a gain of 8.2%, trailed by Charlotte, NC<\/a>, at 8.1%, and Chicago<\/a>, at 8%.<\/p>\n

Sitting at the bottom of the annual growth list is Portland, OR<\/a>. However, Portland still eked out an annual price increase of 0.9%.<\/p>\n

\u201cWhile there is a large disparity between leaders such as San Diego versus laggards such as with Portland, the broad market performance is tightly bunched up,\u201d Luke said,<\/p>\n

Higher mortgage rates are weighing on homebuyers<\/h2>\n

The slowing monthly price gains may reflect the impact of higher mortgage rates<\/a>, which have weighed on the purchasing power of prospective buyers. Faced with higher mortgage payments, some buyers have sought out smaller and more affordable homes.<\/p>\n

Rates for a 30-year fixed mortgage averaged 6.64% in January, according to Freddie Mac<\/a>. That was down from the recent peak monthly average of 7.62% seen in October, but still more than double the rates seen before the Federal Reserve began its rate hikes two years ago.<\/p>\n

\u201cOn a monthly basis, home prices continue to struggle in the face of elevated borrowing costs,\u201d Luke said. \u201cSeventeen markets dropped over the last month, while Minneapolis has posted a 2.4% decline over the prior three months.\u201d<\/p>\n

Only Southern California and Washington, DC,<\/a> have stood up to the rising wave of mortgage rates and delivered positive monthly returns to start the year, Luke noted.<\/p>\n

\u201cWhile elevated mortgage rates continued to freeze housing market activity over the winter, an unthawing is in sight, with improvements in for-sale inventory offering more opportunities for potential buyers across the country,\u201d says Selma Hepp<\/strong>, chief economist at CoreLogic.\u00a0\u201cMore inventory is a welcome development and suggests that some normalization in the U.S. housing market lies ahead.\u201d<\/p>\n

The post Home Prices Hit New Record High in January, Says Case-Shiller<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Scott Olson\/Getty Images Home prices reached a new record high in early 2024. Nationwide, home prices rose 6% in January from a year earlier, according to the latest S&P CoreLogic Case-Shiller Home Price Index released on Tuesday. That was the biggest year-over-year increase since November 2022. \u201cU.S. home prices continued their drive higher,\u201d Brian D….Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":4972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4971","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=4971"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4971\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/4972"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=4971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=4971"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=4971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}