VIRGINIA BEACH, Va. — Home prices are on the rise for the first time in months.
And a new report from Black Knight, Inc. found that home prices in Virginia Beach are some of the highest growing in the country.
Black Knight is an integrated technology company that looks at housing market numbers related to loans, purchases and more.
The report, which looked at mortgage data nationwide, found home prices up .16% during February after dropping for seven straight months.
Virginia Beach ranked fifth nationally for "annual home price growth," and prices were up 5.7% in February.
"Midwest and East Coast markets like Hartford, Kansas City, Virginia Beach, Cincinnati and Philadelphia with relatively strong affordability and low inventory levels are rising up the ranks, while western markets, pandemic boom towns, and some Florida markets are seeing more cooling," the report noted.
Looking ahead to the rest of the year, Black Knight predicts potential sellers will continue to sit on the sidelines, unless there is a big change in interest rates, home prices, or household income.
"The unfortunate reality is that the scarce supply of inventory that's the source of so much market gridlock isn't getting any better," Black Knight Vice President of Enterprise Research Andy Walden said in a news release.