U.S. home prices have suddenly jumped after seven months of declines, according to a recent report.
Home prices rose 0.16 percent nationally in February compared to January, when adjusted for seasonality, according to Black Knight’s latest Mortgage Monitor Report from April 3.
This was the first monthly increase after seven months of declining housing costs.
A fall in mortgage rates could have made housing more affordable for buyers in February, but it instead sparked a rise in demand that, combined with low inventory levels, added more pressure on U.S. home prices nationwide.
Meanwhile, the U.S. annual home price growth rate fell to 1.94 percent in February, the first time it fell below 2 percent since 2012. …