Despite 7% mortgage rates, strained housing affordability, and rising active inventory, national home prices continue to climb. U.S. home prices, as measured by the Zillow Home Value Index, rose 1.1% month-over-month between February 2024 and March 2024. This growth slightly exceeds what would be considered typical for that time of year.
On a year-over-year basis, U.S. home prices as measured by the Zillow Home Value Index are up 4.6% between March 2023 and March 2024. While Zillow economists expect national price growth to remain positive over the next year, the company does expect that growth to decelerate. The forecast published this month by Zillow predicts that U.S. home prices will rise 1.4% between March 2024 and March 2025. (Last month, Zillow’s model predicted U.S. home prices, as tracked by the Zillow Home Value Index, to rise 0.8% between February 2024 and February 2025).
Click here to view an interactive version of Zillow’s latest forecast.
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