To the dismay of potential homebuyers, property prices continue to rise unabated. Even the highest mortgage rates in almost 23 years have failed to halt the relentless ascent of home prices.
According to the National Association of Realtors (NAR), prices experienced yet another increase in December. The median existing-home prices rose by 4.4 percent compared to the previous year, marking the sixth consecutive month of year-over-year jumps. This trend of continuous growth is further evidenced by the latest S&P CoreLogic Case-Shiller home price index, which recorded a 4.8 percent surge in October, marking the ninth consecutive month of gains.
The notion that a “housing recession” would reverse the substantial price gains in the housing market has proven to be unfounded. Initially, the U.S. housing market showed signs of slowing down in late 2022, leading to expectations of a correction in home prices. However, contrary to expectations, home values began to rise once again, defying the anticipated market crash.
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