Home prices rose a seasonally adjusted 0.45% from February to March, the third consecutive month of price increases, according to CNBC. Elevated borrowing costs are keeping would-be sellers at bay, and as a result, buyers are confronting a lack of new listings.
Surging demand paired with insufficient housing supply is leading to a competitive spring market. Not only are home prices rising as a result, but nearly half of all homes on the market are selling within two weeks; the highest share reported in nearly a year.
“A modest bump in homebuyer demand ran headlong into falling for-sale supply,” said Andy Walden, Black Knight’s vice president of enterprise research. “Just five months ago, prices were declining on a seasonally adjusted month-over-month basis in 92% of all major U.S. markets. Fast forward to March, and the situation has done a literal 180, with prices now rising in 92% of markets from February.”
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