U.S. Home Prices Jump Up After 7 Months of Declines — But Not in the West
‘Tale of two housing markets’: Home prices down in the West, while East sees more gains
After seven straight months of declines, U.S. home prices shifted upward in February.
But there continues to be two different stories playing out in the East and the West. On the east side of the country, home prices are trending up, but in the West they’re still down. And the country’s housing problems — affordability and inventory issues — aren’t going away.
Nationally, home prices rose a slight 0.16% in February, when seasonally adjusted — the strongest single-month gain since May 2022. However, at the same time, at 1.94%, annual home price growth fell below 2% for the first time since 2012, according to Black Knight’s latest mortgage monitor report released Monday.
Sales were also up as interest rates dipped, but still remained 18% below 2019 pre-pandemic averages “as affordability pressures continue to weigh on demand,” according to the real estate data firm.