As the spring homebuying season comes to an end, there are distinct signs of the housing market reheating from a home price perspective. The lack of inventory drove home prices up, challenging potential buyers, Black Knight pointed out in its monthly mortgage origination report. 

The reheating is widespread with more than half of the 50 largest U.S. markets seeing prices at or above 2022 peaks. On a seasonally adjusted basis, Black Knight’s home price index hit a new record high in May, having now fully reversed the correction in home prices seen late last year. 

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