February's home prices mark a return to pre-pandemic growth, amidst rising new home completions and stable demand.
In the wake of a tumultuous three-year period marked by soaring prices and cooling markets, U.S. home prices have aligned with pre-pandemic growth rates.February saw a slight 0.6 percent increase in home prices from the previous month, a figure resonant with the average monthly growth experienced in the eight years before the pandemic's onset, according to a report issued by Redfin on Tuesday.
The pattern of decline, particularly noticeable in areas that flourished during the pandemic, suggests a market correction influenced by an increase in housing supply, Redfin said, especially in states like Texas and Florida which have ramped up construction, inadvertently affecting price trajectories.'Inventory has picked up dramatically in the past two weeks, but it's getting snatched up quickly,' Meme Loggins, a Redfin Premier real estate agent said in the report.
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