US Home prices surge to record highs in many major markets

The August mortgage monitor report from Black Knight shows that in June 2023, home prices hit new highs in 30 of the 50 largest markets.  High home prices combined with elevated borrowing rates have resulted in rising monthly mortgage payments, with July’s typical payment reaching a record of $2,308. This trend, coupled with the growing inventory deficits in over 90% of markets, suggests further challenges in affordability.