From the NY Post:
US home prices in February posted their first year-over-year decline in more than a decade as surging mortgage rates put the squeeze on the market.
The average US home sold for $350,246 for the four weeks ending on Feb. 26, according to an analysis by real estate firm Redfin this week. The sale price plunged by 0.6% compared to the same month one year ago — the first annual decline since February 2012.
“Prices falling from a year ago is a milestone because it hasn’t happened since the housing market was recovering from the 2008 subprime mortgage crisis,” Redfin deputy chief economist Taylor Marr said in a statement.
“Home prices skyrocketed so much over the last few years that they were likely to come down once rates rose from historic lows,” Marr added.
The largest price declines were in “pandemic homebuying hotspots,” the firm said.
Austin, Texas, posted the largest year-over-year decline of 11%.