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October saw the highest home price increase of 2023, according to new data, despite mortgage rates also rising significantly that month.

The S&P CoreLogic Case-Shiller National Home Price Index posted a yearly increase of 4.8 percent and a monthly gain of 0.2 percent, an improvement from the rest of 2023.

“U.S. home prices accelerated at their fastest annual rate of the year in October,” Brian Luke, head of commodities, real and digital assets at S&P DJI said in a statement. “Our National Composite rose by 0.2 percent in October, marking nine consecutive monthly gains and the strongest national growth rate since 2022.”

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