Home sales have slumped from a year ago, but prices aren’t falling because inventory is unusually low.
Photo: Gene J. Puskar/Associated PressHome prices rose to a new record in September due to a shortage of homes for sale, even as high interest rates made home purchases less affordable.
The S&P CoreLogic Case-Shiller National Home Price Index, which measures home prices across the nation, rose 3.9% from a year earlier in September, compared with a 2.5% annual increase the prior month.
The September level was the highest since the index began in 1987.
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