Surprise Spike in Home Prices After Months of Decline

Home prices in the US rose unexpectedly in February, reversing a several-month decline, due to a quick turnaround in mortgage rates. Of the 50 largest US markets, 39 saw home prices rise in February. Tight supply is adding to the upward pressure, especially with new spring demand from buyers. Black Knight is still predicting prices to move lower again throughout the rest of this year, but if supply continues to drop, keeping the competition strong, prices may not have far to fall.