Recent data indicates that in October, the S&P CoreLogic Case-Shiller Home Price Index hit a new high, with a year-over-year increase of 4.8% nationwide. This suggests an overall stable growth trend in U.S. home prices.

However, it's worth noting that markets in the Northeast and Midwest typically see the fastest growth in home prices. Cities like Detroit, San Diego, and New York have experienced price increases exceeding the national average. Portland, on the other hand, is the only city where home prices have decreased.

Despite the growth in home prices, the rise in mortgage rates has put some pressure on buyers' purchasing power. Many buyers faced increased housing costs due to the climb in mortgage rates, resulting in a drop in existing home sales to the lowest point in 13 years.

November data indicates a rebound in sales volume as mortgage rates declined, showing signs of a strong market performance in the year-end off-season.

According to data from the National Association of Realtors, existing home sales increased slightly by 0.8% in November, reaching 3.82 million units, ending a five-month consecutive decline. The median sales price increased by 4.0% compared to the same period last year.

Experts predict that with the decline in mortgage rates, there may be an increase in housing demand in early 2024, putting pressure on home prices.

Despite reaching new highs in home prices, supply remains consistently scarce as few homeowners are willing to sell their homes and give up the currently lower mortgage rates.