US Home Prices Reach Record Highs in March

Housing prices hit a new record high in March, rising 6.5% year-over-year amid a persistent housing shortage and high mortgage rates, according to the S&P CoreLogic Case-Shiller index. The 10-city and 20-city composites also saw annual gains, with San Diego leading at 11.1%. The affordability crisis is driven by years of underbuilding, high mortgage rates, and expensive construction materials, with economists predicting elevated mortgage rates to persist into 2024.