There’s more bad news for potential homebuyers: Prices just hit another record

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By Alicia Wallace, CNN

(CNN) — US home prices rose at the fastest clip in months to a fresh record high in January, according to data released Tuesday, highlighting how a housing shortage combined with high mortgage rates continues to limit affordability.

The S&P CoreLogic Case-Shiller US National Home Price index rose 6% in January from a year before, accelerating from a 5.6% annual increase in December. It’s the highest annual increase since late-2022.

“For the second consecutive month, all cities reported increases in annual prices, with San Diego surging 11.2%,” wrote Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, in a statement.

“On a seasonal adjusted basis, home prices have continued to break through previous all-time highs set last year,” he noted.

This story is developing and will be updated.

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