Home Prices Are Back on the Rise as the Spring Market Proves More Competitive Than Expected

Home prices in the US have been on the rise again since March, with a 0.45% increase from February. This is the third consecutive month of price increases. The increase is due to a sharp drop in new listings, which is creating a bidding war among buyers and more homes selling for above asking price. Nearly half of homes on the market are selling within two weeks, the highest share in nearly a year. Prices are rising in 92% of markets from February, with Phoenix and Dallas being flat and Austin, Salt Lake City and San Antonio seeing prices fall.