HOME PRICES FELL IN FEBRUARY FOR FIRST TIME IN 11 YEARS

Key Points:

  • Existing-home sales rose 14.5% in February from March, breaking the twelve-month streak of declining sales.
  • Consensus among economists was a 0.7% decline.
  • Existing-home sales fell 22.6% from one year ago.
  • The median existing-home sales price decreased 0.2% from one year ago to $363,000, the first decline in more than a decade and breaking the longest streak on record.
  • First-time buyers were responsible for 27% of sales in February, down from 31% in January and 29% in February 2022.
  • “Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines,” said NAR Chief Economist Lawrence Yun. “Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs.”
  • The Right Facts will continue to monitor home sales.
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