In February, Zillow 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 that have followed, U.S. home prices as tracked by the Zillow Home Value Index have stopped falling, and between February and June rose 4.8%. That rebound coincided with Zillow repeatedly revising its home price forecast upward. Its latest revision predicts that U.S. home prices will rise 6.3% between June 2022 and June 2023, above the 5.5% annual increase that national home prices have averaged since 1975.
