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Home Price Gains Continue Above Trend

The S&P Case-Shiller Home Price Index is among the most closely followed measures of U.S. home prices. The index, released monthly, tracks all nine census divisions and has data going back almost 30 years. According to the most recent release, prices are still rising. In fact, they continue to move upward at a pace above the historical trend. Brian Luke, head of commodities, real & digital assets at S&P, says recent gains have been solid, especially considering mortgage rate increases. “Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years,” Luke said. “With trend growth at the national level of 4.7 percent, a 5.5 percent return demonstrates solid, steady growth. While we are not experiencing the double-digit gains seen in the previous two years, above-trend growth should be well received considering the rising costs of financing mortgages.”


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