The Housing Market Has Now Bottomed Out, and Americans are Buying Homes Again

After seven months of declines, home prices rose 0.8% in February. That’s double their increase historically, indicating prices have bottomed out in most markets.

The US housing market has now bottomed out, and Americans are piling back into the home-buying market once again, according to CoreLogic. 

Following seven consecutive months of declines, the CoreLogic Home Price Index showed a 0.8% rise in February from January. On an annual basis, home prices in February increased by 4.4%, per CoreLogic data. 

To be sure, there is a regional split in the housing market, with declines in the West and gains in the South and Southeast, Selma Hepp, chief economist for CoreLogic, wrote in a statement last week. 

“But while housing market challenges remain, particularly in light of mortgage rate volatility and the ongoing banking turmoil, pent-up homebuyer demand is responding favorably to lower rates in many markets,” she added.