US Home Prices Reach New Record High Despite Rising Mortgage Rates

April data shows a 6.3% annual increase in home prices, with affordability challenges intensifying for buyers.

Home prices rose 0.2% month-on-month in April after being unchanged in March, according to FHFA.
The S&P CoreLogic Case-Shiller Index reported a 6.3% annual increase, marking the second consecutive month of record highs.
High mortgage rates and increased home prices have made housing less affordable, with many buyers struggling to enter the market.
San Diego saw the largest yearly increase at over 10%, followed by New York and Chicago.
Higher home prices have contributed to an increase in housing supply, but affordability remains a significant issue.