"US Home Prices Soar to Record High in December 2023"

Home prices reached a new all-time high in December, rising 5.5% nationally compared to the previous year, according to the S&P CoreLogic Case-Shiller index. The 10-city and 20-city composites also showed annual gains of 7% and 6.1% respectively. However, there was a significant discrepancy in price gains among the 20 cities, with San Diego leading at 8.8% and Portland at the lowest with a 0.3% increase. The housing market has seen a limited supply of homes and rising mortgage rates, leading to a 34.3% decrease in available home supply compared to pre-pandemic levels.