Spring market drives up home prices despite inventory shortage.

US home prices rose 0.45% in March from February, marking the strongest single-month gain since last May, according to Black Knight. The firm also revised February’s monthly growth in prices higher to 0.43% from 0.16%, and reversed its previously reported 0.13% decline in January to a 0.13% month-over-month gain. The uptick in home prices is another troubling development for buyers, who are already facing acute inventory shortages and higher mortgage rates as they reenter the market.