Surprise Jump in Home Prices After Months of Decline

Home prices in the US rose for the first time in eight months in February due to low inventory and a modest rise in demand, according to data from Black Knight. Although 78% of the nation's 50 largest markets experienced rising prices last month, prices fell in several previously hot markets, including Austin, Las Vegas, San Francisco, and Seattle. The average 30-year fixed rate mortgage declined again last week to 6.32%, according to Freddie Mac. However, inventory fell for the fifth-consecutive month, reaching its lowest point since May 2022, and 90% of markets experienced decorating inventory levels.