"Affordability Remains Challenging": US Home Prices Rise Even As Mortgage Rates Rip

Latest data from the S&P CoreLogic Case-Shiller shows that home prices in the top 20 U.S. metropolitan areas rose 0.27% month-over-month and 2.65% year-over-year in August, marking the fifth consecutive monthly increase. Chicago led gains for the sixth straight month with an annual increase of 6.7%, while Seattle led declines for the third consecutive month with an annual drop of 2.0%. U.S. mortgage rates are currently in the mid-to-high 6% range, and coupled with high inflation, housing affordability for residents remains severely challenged.