Back in February, Zillow's housing economists made a bold call that U.S. home prices had bottomed and would proceed to climb 0.5% over the next 12 months.
In the months preceding that call, U.S. home prices as tracked by the Zillow Home Value Index not only began to climb again but also reached a new all-time high. This uptick was propelled by the tailwind generated from tight inventory levels, which proved strong enough to overpower the headwind caused by the mortgage rate shock.
