It marked another increase after the prior month's annual gain of 6%, and the fastest rate of price growth since November 2022.

While some buyers have come to terms with 7% interest rates, the rate volatility is the factor with the biggest impact, an economist says.

"For NEOM, the projects, the intended scale is continuing as planned. There is no change in scale," Saudi Economy Minister Faisal Al Ibrahim told CNBC.

Buyers are highly considering newly built homes amid a shortage of available homes in the U.S. Here's what this means and where prices are standing.

Luxury real estate sales increased more than 2%, posting their best year-over-year gains in three years, according to Redfin.