The current state of the housing market is astonishingly expensive for almost everyone, reflecting an unprecedented reality in real estate.

Sharing is Caring!

Despite a surge in mortgage rates, home prices continued to rise, registering a 3.9% increase in September compared to the previous year, according to the S&P CoreLogic Case-Shiller Index. This growth coincided with a climb in the 30-year fixed mortgage rate towards 8%.

While rents show signs of easing, home prices are currently nearly 10% more expensive than in 2008, with real home prices standing 80% above the 130-year historical average, as reported by Reventure.

These historically high prices persist amid a 40% shortage in housing supply compared to the historical average, despite mortgage demand being at its lowest since 1994, with the median homebuyer facing a $3000 monthly payment—marking truly unprecedented times in the real estate market.

See also  Lancaster, PA, Amish County market on fire: 45 companies on scene in Ephrata.

See also  Gold miners offer historic opportunity amid inflation and market skepticism.

Home prices kept rising even as mortgage rates surged, S&P Case-Shiller says

  • Home prices were 3.9% higher in September compared with the same month a year earlier, according to the S&P CoreLogic Case-Shiller Index.
  • The growth coincided with the 30-year fixed mortgage rate’s climb toward 8%.
  • Rents are easing, however, while home prices rise.
Views: 282

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.