All 20 cities analyzed by the S&P CoreLogic Case-Shiller National Home Price Index reported year-over-year home price hikes between January 2024 and January 2023, but only five saw increases above the 8 percent mark.In January 2023, the U.S. housing market was still in the midst of a price correction triggered by the sudden drop in demand for homes, which was driven in turn by the jump in mortgage rates that followed the Federal Reserve's aggressive rate-hiking to combat inflation.
1 percent in both January 2024 and December 2023 compared to the month before.The median sale price of a home in Charlotte was $399,995 in February 2024, up by 8.1 percent year-on-year, according to Redfin. Prices in Charlotte are rising because of increased demand—mainly due to lower mortgage rates compared to last year—and a still-tight inventory, which is causing higher competition between aspiring buyers.3. Detroit, MIIn Detroit, Michigan, home prices jumped by 8.