CoreLogic’s Home Price Index showed that home prices nationwide rose by 1.6% from  February to March and they were 3.1% higher when compared to March of last year. This follows February’s 0.8% rise in home prices, suggesting that the housing market is at a turning point. CoreLogic forecasts that home prices will rise 0.8% in April and 4.6% in the year going forward, which is an upward revision from 3.7% in February’s report. In addition, other prominent appreciation reports have shown that home prices are on the rise again, including those by Case Shiller (+0.2% in February), the Federal Housing Finance Agency (+0.5% in February), Black Knight (+0.5% in March) and Zillow (+0.9% in March). This is further evidence that home prices have reached an inflection point.

What’s the bottom line? CoreLogic’s Chief Economist Selma Hepp said, “While housing markets across the country continue to send mixed signals, prices in many large metros appeared to have turned the corner, with the U.S. recording a second month of consecutive monthly gains. At 1.6%, the month-over-month increase was twice the average seen between 2015 and 2020.” She added that, “The monthly rebound in home prices underscores the lack of inventory in this housing cycle. In addition, while the lack of affordability generally weighs on home price growth, mobility resulting from remote working conditions appears to be a current driver of home prices in some areas of the country.”