Home prices rise in March amid competitive spring market

After 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…