Home prices jump in November following declining mortgage rates

According to a new report from analytics firm CoreLogic, the average price of a U.S. home jumped 5.2% year-over-year in November.

This marks a significant increase from the 4.7% year-over-year increase in prices seen in October 2023.

The rising housing prices come as U.S. mortgage rates have continued cooling down, sparking increased demand from buyers for minimal inventory and subsequently creating a seller-friendly market.

“This continued strength remains remarkable amid the nation’s affordability crunch but speaks to the pent-up demand that is driving home prices higher,” said CoreLogic Chief Economist Selma Hepp. “Markets where the prolonged inventory shortage has been exacerbated by the lack of new homes for sale recorded notable price gains over the course of 2023.”