US home prices continued to increase in August, reaching a new record high and marking the seventh consecutive month of growth. Despite mortgage rates exceeding 7% in August, the limited supply of homes continued to drive up prices. According to the S&P CoreLogic Case-Shiller US National Home Price Index, prices rose by 0.9% compared to the previous month. In comparison to August 2022, prices also increased by 2.6%. The housing market's strength can be measured by the relationship between current and historical prices, with August seeing record-high price levels. Several cities, including Atlanta, Boston, Charlotte, Chicago, Detroit, Miami, and New York, reached all-time price highs. While most cities reported higher prices in the year ending August 2023, some cities experienced price declines, particularly in the West. The Midwest remains the strongest region, followed by the Northeast. Year to date, the National Composite has seen a significant increase of 5.8%, surpassing the median full calendar year increase in over 35 years of data. The increase in mortgage rates has impacted housing demand, but the supply of homes has been even more affected.
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