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S&P CoreLogic Case-Shiller reports hottest annual rate increase for National Home Price Index in October 2023
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The annual increase claimed a whopping 4.8%, which was more eye-popping than the Halloween decorations
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Skyrocketing property values have reportedly sent real estate moguls into a euphoric dance of joy
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However, not everyone grooves to this beat, especially first-time home buyers who are now hyperventilating into paper bags
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Economists have echoed the sentiments of these petrified buyers, warning about the sustainability of the boom and its possible fallout
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Despite some voices of doom, the real-estate party hasn’t missed a beat, with market players still upping the ante and pushing prices upwards
The Final Hot Take
The real estate market in 2023 seems to have consumed enough energy drinks to rival a marathon runner on the final stretch. The S&P CoreLogic Case-Shiller National Home Price Index has boogied its way up to a 4.8% increase, and the market is behaving like a tipsy uncle at a wedding, with no signs of slowing down its crazy dance.
On the other side, we’ve got the first-time home buyers, who are currently emitting noises that can only be described as ‘scared banshees entering a haunted house’. Yes, they’re that afraid. But hey, who wouldn’t be, when the housing prices are soaring so high they’re threatening to smack into low-orbit satellites.
The Economists, acting like the grumpy chaperones at said wedding, are cautioning against this wild indulgence, warning of potential hangovers that might cause the real estate market to be bedridden with a throbbing headache. But the market players, currently engaged in a limbo game of ‘how high can we go’, seem indifferent to these warnings. It’s like telling a goat not to headbutt—good luck with that.
So here’s the final hot take – It’s wild, it’s crazy, it’s scarier than a Stephen King novel for some, but the real estate market of 2023 is here to party and it seems there’s no last song for this dance-off yet.
Original article: https://www.inman.com/2023/12/26/home-prices-saw-their-biggest-increase-of-the-year-in-october/
