For the seventh month in a row, average prices for existing homes in the U.S. are up, peaking at $311,500 in August, with seven cities hitting their highest point ever. Of course, not every market in the country is experiencing those record highs, and, with interest rates rising, others may plateau soon, but Midwestern homeowners are seeing a major gain.
That’s according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, a leading measure of home values for over 30 years, which finds that average existing home prices are up nationwide by nearly 6% year to date and 2.6% year over year, "well above the median full calendar year increase" in more than three decades of data. But the gains weren't uniform across the country. The Rust Belt is shining particularly bright, with Chicago and Detroit clocking annual increases nearly double the national average.
