The U.S. housing market was in something of a "deep freeze" in the second half of 2022, as spiking mortgage rates caused housing activity to contract across the nation—and it spurred outright home price corrections in some markets. However, that's already old news: Mortgage rates that have fallen back under 6.5%, combined with the arrival of the seasonally strong spring sales period, have seen housing markets across the country begin to improve.
Case in point: After falling for seven straight months, U.S. home prices as tracked by Case-Shiller rose in February. The March reading, which publishes at the end of May, is expected to notch another increase.
