JUST IN: Existing home prices dropped from February 2022 to last month, marking the first such decline after about 11 years of increases. The 131-month streak in housing price growth that was broken is the longest on record.
The median existing-home price for all housing types was $363,000, the National Association of Realtors reported, a decline of 0.2% from February 2022. The 131-month streak in housing price growth that was broken is the longest on record.The drop comes as the Federal Reserve’s interest rate hikes have driven up mortgage rates and caused demand to fall off and home sellers to lower prices.
"Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines. Moreover, we're seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs," NAR Chief Economist Lawrence Yun said. Additionally, homes typically remained on the market for 34 days in February, an increase from 33 days in January and 18 days in February 2022 — indications of a sputtering housing market.
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