Growing supply shortages are holding housing prices higher, and affordability constraints coupled with elevated rates lock potential sellers in place.

Home prices fell in January, pulling back by 0.24% from December to mark the smallest monthly decline in seven months, according to Black Knight‘s mortgage monitor report. The annual home price growth rate fell to 3.43% in January, more than a full percentage point below the 30-year average. 

Price impacts could strengthen again if 30-year rates continue to climb, as they have through late February, although tight inventory will put a floor on how much prices will ease, details ⇒

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