House prices are surging across America and the Detroit area saw the largest annual price increase, surpassing Miami for the first time, according to CoreLogic.
Detroit had an annual price gain of 8.7%, according to CoreLogic. Miami had held the top spot for 16 months
“Home price appreciation continued to push forward in November, despite the new highs in mortgage rates seen over the year,” said Dr. Selma Hepp, chief economist for CoreLogic. “And while the annual growth reflects comparison with last year’s declines, seasonal gains remain in line with historical averages. However, in some metro areas, such as those in the Mountain West and the Northwest, higher interest rates are having a greater impact on homebuyers’ budgets, which is contributing to a larger seasonal slump.”
