Home prices in the United States continued to move up last month, potentially set to go north further as more prospective buyers enter the market, according to real estate brokerage Redfin.
Home prices rose by 0.5 percent month over month in October, according to a Nov. 19 report from the company. Prices have appreciated on a monthly basis for every single month over the past year. On a yearly basis, there was a 5.9 percent increase in October. Many prospective buyers opted to stay out of the market this year because of high mortgage rates, thus limiting price growth, according to Redfin. For 2024, the average 30-year fixed mortgage rate has consistently remained above the 6 percent level, according to data from mortgage lender Freddie Mac.
