Home prices are continuing their steady upward climb in most major metropolitan areas. National home prices were up 4.8% in October, according to the new S&P CoreLogic Case-Shiller U.S. National Home Price Index released Tuesday.

What You Need To Know

  • Home prices increased in most major metropolitan areas in October, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price Index

  • Detroit, San Diego and New York saw the largest price gains

  • Portland, Ore., was the only major city to see prices drop

  • October marked the ninth consecutive month of price gains and the strongest national growth rate since 2022

“U.S. home prices accelerated at their fastest annual rate of the year in October,” S&P Dow Jones Indices Head of Commodities Brian D. Luke said in a statement. October marked the ninth consecutive month of price gains “and the strongest national growth rate since 2022.”

Detroit saw the biggest jump in prices. Homes in Detroit increased 8.1% in October compared with a year earlier, followed by San Diego (+7.2%) and New York (+7.1%).

Eight of the nation’s 20 largest cities registered all-time housing price highs in October: Miami, Atlanta, Chicago, Boston, Detroit, Charlotte, New York and Cleveland.

The Midwest and Northeast parts of the country are the fastest-growing markets, according to the Index, while the Southwest and West are lagging.

Portland, Ore., was the only major city reporting lower prices in October compared with a year earlier. Prices fell 0.6%.

The October home price gains occurred even as mortgage rates peaked above 8% for the first time in decades.

“With mortgage rates easing and the Federal Reserve guiding toward a slightly more accommodative stance, homeowners may be poised to see more appreciation," Luke said.