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Home prices are back on the rise as the spring market proves more competitive than expected


A “For Sale” sign outside of a home in Atlanta, Georgia, Feb. 17, 2023.Dustin Chambers | Bloomberg | Getty ImagesAfter cooling for the better part of last year, home prices are on the rise again. A sharp drop in new listings, adding to an already meager supply of homes for sale, is leading to renewed bidding wars and more homes selling for above asking price.Home prices rose a seasonally adjusted 0.45% in March from February, according an early look at the Black Knight Home Price Index provided exclusively to CNBC. After revisions to January and February reads, this is now the third consecutive month of price increases.Roughly 30% fewer new listings came on the market in March compared with pre-pandemic norms. The deficit continues to grow, as fewer potential sellers want to list their homes in today’s higher-m …

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