Home price growth is back at pre-pandemic levels. Here's what that means for buyers and sellers.
The rate at which home prices grow is slowing down.
The rate at which home prices grow is slowing down.
U.S. home prices increased 0.6% from a month before in February, in line with the 0.6% average monthly gain in the roughly eight years leading up to the Covid-19 pandemic, according to a new Redfin analysis.
Before the pandemic, it was normal for prices to grow about half a percent every month, or to increase around 5% or 6% annually, said Daryl Fairweather, the chief economist at Redfin.
“We’re back to that trend, despite these higher mortgage rates,” she said.
“Home prices are appreciating at the same pace as before,” he said. “It’s returned to the trend that we saw pre-pandemic.”
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Updated: 1 month ago