Data from the S&P CoreLogic Case-Shiller US National Home Price Index released Tuesday revealed that the average price of a U.S. home reached a record high in September.
The seasonally-adjusted data showed that home prices increased .7% from August to September.
“Although this year’s increase in mortgage rates has surely suppressed the quantity of homes sold, the relative shortage of inventory for sale has been a solid support for prices,” said S&P Dow Jones Indices managing director Craig Lazzara.
This marks the eighth consecutive month that U.S. home prices have increased.
