On Tuesday, we learned that U.S. home prices as measured by the seasonally adjusted Case-Shiller National Home Price Index rose 0.15% between January and February. This month-over-month national home price uptick comes after national prices had declined every month between June 2022 and January 2023.
What does this mean? The housing correction that was spurred last summer by spiked mortgage rates is clearly losing steam. New-home sales are rising again. Mortgage purchase applications have bottomed. And now we're once again seeing national house prices inch up.
