Home Prices Kept Climbing, Even As Mortgage Rates Hit 6.5%

mber of homes for sale and keeping prices firmer than expected. The upshot is that the market often “adjusts” through fewer sales before it shows up as clear price declines.

Why should I care?

For you: A 6.5% 30-year mortgage rate doesn’t automatically mean cheaper homes.

If you’re house-hunting, you can get hit from both sides: higher rates raise the monthly payment, while limited supply can keep sticker prices from falling quickly. And because Case-Shiller arrives late, a single upbeat print can mask a cooling that’s happening in real time. For sellers, that same supply squeeze can reduce pressure to cut prices fast, which is why affordability can stay strained longer than one data release suggests.