Prices in every city in its 20-city index rose on a month-over-month basis.TheHome prices across the country are again trending upward, after the posted its second consecutive month-over-month gain March. In the 20-city version of the index, all 20 of the cities saw home prices rise month-over-month. This follows a a 5% decline on a national basis from June 2022 to January 2023.
"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," said Craig J. Lazzara, managing director at S&P DJI, in the index's March report released on Tuesday.
"A shortage of listings, plentiful jobs, and strong wage growth are largely offsetting the headwind to housing from high mortgage rates," Adams told Insider."I expect for national average house prices to edge slightly lower in the second half of 2023, with further declines in the most expensive West Coast markets offsetting the beginnings of a recovery in the rest of the country.
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