U.S. residential home prices accelerated in February. Prices defied the gravitational pull of high mortgage costs and surpassed analysts’ expectations as reduced supply and robust economic momentum continued to drive up property valuations. U.S. house prices saw a 1.2% month-over-month growth in February 2024, the largest increase in a single month since April 2022, significantly outpacing expectations of a 0.1% growth, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). Home Prices ‘Rebounded’ Across the nine census divisions, the seasonally adjusted monthly price changes from January 2024 to February 2024 ranged from a 0.4% growth in the West South Central division to a 3.0% growth in the New England division. For the broader country, single-family house prices increased by 7% from February 2023 to February 2024, marking the highest one-year increase since November 2022. All census divisions reported positive 12-month changes, ranging from 3.7% ...