US Home Prices Hit Record Highs Amid Tight Inventory and High Mortgage Rates

San Diego leads major cities with an 11.1% annual increase, as affordability crisis deepens across urban markets.

National home prices rose 6.5% year-over-year in March, marking the ninth consecutive month of record highs.
The 20-city composite index showed a 7.4% annual increase, with all tracked metro areas posting gains.
High mortgage rates and low inventory are major factors driving the price surge, limiting options for buyers.
Northern metro cities, including New York and Cleveland, are experiencing notable price increases.
Sunbelt markets, which boomed during the pandemic, are now seeing slower growth due to increased housing supply.