Home prices in this NY region are defying the US housing market slump: data

prompt a slowdown in many other parts of the country, according to data released Thursday.

The figure marked a 2.5% increase compared to the previous quarter and a 6% rise compared to the same period one year ago. The market stayed red-hot even as mortgage rates continued their climb toward 7% as the Federal Reserve hiked interest rates. The average 30-year fixed-rate mortgage has hit its highest rate in two decades, raising costs for buyers and forcing many sellers in other marketsWhile higher mortgage rates are crimping demand, a lack of available inventory has helped to prevent major price declines so far, according to Jonathan Miller, the CEO and president of Miller Samuel.

Home prices aren’t falling fast enough to justify interest rates, monthly payment matters.

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