MBS Highway’s May 2023 Housing Survey showed that home prices have passed an inflection point and are moving higher. This marks the 5th-straight month of improving activity levels and sentiment. 72% of respondents characterized their local buyer activity as ‘Very Active”, ‘Somewhat Active’, or ‘Steady’, which is the highest level in 9 months. Overall pricing pressure is now upward, with 53% of respondents reporting price increases, versus only 19% reporting price reductions. The turnaround has been dramatic: in December 2022, only 3% of respondents reported price increases, while 78% reported price decreases.