Freddie Mac chief economist Sam Khater said the uptick was due to “economic crosscurrents [that] have kept rates within a ten-basis point range over the last several weeks.”
“After the substantial slowdown in growth last fall, home prices stabilized during the winter and began to modestly rise over the last few months,” Khater added. “This indicates that while affordability remains a hurdle, homebuyers are getting used to current rates and continue to pursue homeownership.”
According to CoreLogic, US home price growth slumped to its lowest level in over a decade, down to 3.1% in March.
“While the lack of affordability generally weighs on home price growth, mobility resulting from remote working conditions appears to be a current driver of home prices in some areas of the country,” said CoreLogic chief economist Selma Hepp.
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