Introduction

After seven straight months of declining prices, the S&P/Case-Shiller U.S. National Home Price Index increased in February, and March seems to be carrying the same upward momentum.

The latest data from Black Knight finds that out of the 100 largest markets in the nation, 93 had price increases from February to March, up from 79 in January-February. 

This, of course, is traditionally expected as the spring months tend to bring a bump in prices as homebuying demand ramps up. But the rise is more than expected. “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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