Detroit Surpasses Miami as Fastest-Appreciating Housing Market

US home prices see 5.2% year-over-year increase in November, driven by falling mortgage rates and low inventory levels.

US home prices climbed 5.2% year-over-year in November, according to CoreLogic, with falling mortgage rates and a dwindling supply helping to prop up the market.
Detroit has surpassed Miami as the fastest-appreciating housing market, posting the highest year-over-year home price increase of 8.7%.
Despite high appreciation rates, Detroit remains one of the most affordable large metros with a median home price of less than $200,000.
Lower borrowing costs have boosted demand, driving house prices higher, while consistently low inventory levels have further fueled the run-up in prices.
Home prices rose the most in the US's northeastern region in November, with Rhode Island, Connecticut, and New Jersey housing markets each experiencing double-digit year-over-year growth.