Home Prices End 7-Month Slide
It wasn’t yet the season, but February’s home price environment seems to have gotten a jump on the vaunted spring housing market. Black Knight’s Mortgage Market reports that home prices rose 0.16 percent on a seasonally adjusted basis during the month, the first increase in seven months . This brought home prices within 2.6 percent of their June 2022 peak.
On an annual basis, prices are up 1.94 percent compared to February 2022, the smallest annual growth rate since early 2012. Black Knight expects that growth rate to fall to zero by the April Monitor report, but also suggests it could be a temporary low if inventory remains depressed and interest rates ease. They caution that the first condition is likely, the second is not.
The turnaround was broad-based. Thirty-nine
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