House prices are going up! Even though more houses are being built, prices are still rising. This is because interest rates on mortgages (loans to buy houses) are high.
This means it's getting more expensive to buy a home. But some areas are seeing prices increase more than others.
Let's learn more about what this means for the housing market.
- House prices went up 0.4% in December.
- Over the past year, prices increased by 4.7%.
- More houses are available now than in the past 17 years, but not as many as before the pandemic.
- Mortgage interest rates are around 7%.
| Fact | Number |
|---|---|
| Monthly price increase (December) | 0.4% |
| Yearly price increase | 4.7% |
| Average 30-year mortgage rate | ~7% |
| Years since high housing supply | 17 |
