Meanwhile, S&P's 20-city home price index saw a 1.5% unadjusted monthly increase and a 0.5% adjusted gain, with prices up in all 20 major cities the S&P tracked in March, versus just 12 of the 20 cities in February.
"Two months of increasing prices do not a definitive recovery make, but March's results suggest that the decline in home prices that began in June 2022 may have come to an end," S&P Dow Jones Indices managing director Craig Lazzara said in a statement on Tuesday."That said, the challenges posed by current mortgage rates and the continuing possibility of economic weakness are likely to remain a headwind for housing prices for at least the next several months.
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