The median price of a US home was lower this February than it was in February 2022, ending more than a decade of year-over-year increases.
The median price of a US home was lower this February than it was in February 2022, ending more than a decade of year-over-year increases, the longest on record, according to a National Association of Realtors report released Tuesday.
The seasonally adjusted annualized sales pace dropped from 5.92 million units a year ago to 4.58 million. The steep decline in sales activity is driven by the large increase of mortgage rates over the past year. Listen now and subscribe: Apple Podcasts | Google Podcasts | Spotify | RSS Feed | Omny Studio Inventory remains stubbornly low, said Yun.
Sales of existing homes gained ground in February as buyers responded to mortgage rates that were slightly lower as rates had been coming down since November, said Hannah Jones, economic data analyst at Realtor.com. "Home sales remain well below last year's level, signaling that significant affordability gains must be made before buyers are able to return to the market en masse," said Jones.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Home prices fell in February, breaking a 131-month streak of year-over-year increases that began in 2012The median price of a US home was lower this February than it was in February 2022, ending more than a decade of year-over-year increases.
Read more »
Home Prices Fell in February for First Time in 11 YearsU.S. existing-home prices fell from a year earlier in February for the first time in 11 years.
Read more »
Brad Keselowski's Finish at Atlanta Is His Best as NASCAR Cup Team OwnerThe 2012 Cup champion roaring back to run with the leaders after a winless 2022.
Read more »
Brad Keselowski's Finish at Atlanta Is His Best as NASCAR Cup Team OwnerThe 2012 Cup champion roaring back to run with the leaders after a winless 2022.
Read more »
2023 home buyer report shows 81% of millennial first-time home buyers have buyers' regretOwning your own home is the American dream. But eight out of 10 millennials say becoming a first-time homeowner turned into a nightmare.
Read more »