First American Data and Analytics has found that home prices increased 0.7 percent between August and September, while leaping 6.7 percent annually.
Following six consecutive months of price hikes, September’s average sale price in the U.S. reached $448,650.
“Rising mortgage rates continue to depress housing supply and suppress affordability, chilling the housing market. Preliminary September house price data suggests that the lack of supply is constraining the market more than reduced demand due to record-low affordability,” Mark Fleming, chief economist at First American, said in a statement. “Nationally, house prices continue to set new records as potential sellers sit on the sidelines, limiting supply, while buyers chase what few homes are available for sale.”
Pennsylvania had the largest annual price growth, up 7.8 percent. New York followed with a 4.4 percent increase, then Florida at 3.5 percent, Texas at 3.5 percent and California at 3.2 percent.