The housing market just made a surprise rebound as prices rise after 7 consecutive months of declines
The moderate uptick ended seven consecutive months of declines, signaling a return of homebuyers to the market. Still, the index remains near its lowest rate in a decade. The group's US National Home Price Index, which covers all nine US census divisions, reported a 2% annual gain in February, lower than the 3.7% seen the prior month.
The report's 20-City Composite Index showed home prices climbed 0.1% month-over-month on a seasonally adjusted basis, and 0.4% compared to the same time in 2022. Eight of the 20 major metros reported higher prices.
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