“Understanding the November Surge in Home Prices amidst Rising Mortgage Rates”
In the latter part of 2023, the value of homes in the U.S. continued to display significant strength. The National Home Price Index, as per S&P CoreLogic Case-Shiller, exhibited an annual surge of 5.1% in November, which is an improvement from the 4.7% uptick seen in October. Concurrently, both the National Index and the 10-City Composite saw a modest increase of 0.2% on a month-over-month basis, whilst the 20-City Composite also reported rises.