Real Estate

Home prices hit new highs, driven by tighter supply

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A for sale sign is posted in front of a home for sale on February 20, 2023 in San Francisco, California.

Justin Sullivan | Getty Images

Home prices hit a record high in May, rising 0.7% nationally compared with April at a seasonally adjusted rate, according to the Black Knight Home Price Index.

Prices, which have been rising since January, were 0.1% higher in May than a year earlier.

The sharp jump in mortgage interest rates last year threw cold water on an overheated housing market, but it didn’t last long. Even with rates still high, home prices are now gaining again, and the gains are accelerating with each new month.

“There is no doubt that the housing market has reignited from a home…



Source cnbc.com

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