After Seven Months of Declines, US Home Prices Rose in February

Mortgage purchase applications have bottomed, new-home sales are rising, and according to the seasonally adjusted Case-Shiller National Home Price Index, U.S. home prices rose 0.15% between January and February after declining every month between June 2022 and January 2023. That slight uptick suggests home prices nationally may have already bottomed out and are now rebounding in a more stable housing market, Fortune reports.

While sub-7% mortgage rates have boosted housing affordability after months of rate hikes and rising home prices, low for-sale inventory is preventing steeper price declines, but not all regional markets are correcting at an equal pace.

Among the 20 major markets individually tracked by Case-Shiller, 11 markets posted a month-over-month increase in February. That includes Eastern markets like Cleveland, Charlotte, and Washington D.C.

Among those same 20 major markets, 9 markets posted month-over-month home price declines in February. That includes Western markets like Phoenix and Las Vegas.

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