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U.S. Home Prices Decreased For The First Time In Over 11 Years
U.S. Home Prices Decreased For The First Time In Over 11 Years
For the first time in 11 years, the median sale prices of U.S. homes fell in February, giving buyers with high borrowing costs some comfort.
The Wall Street Journal reported an increase in the sales of “previously owned homes, which make up most of the housing market, rose 14.5% in February from the prior month, but were down 22.6% from a year earlier.”
The median price for existing homes in February 2022 ($363,700) declined 0.2% to $363,000 this year, Chief economist at Pantheon Macroeconomics, Ian Shepherdson, said, according to the New York Post.
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“The speed of decline in prices is being limited by the lack of existing homes coming to market … but even the relatively low number of homes listed are taking longer to sell.”
A new report from Redfin, a real estate brokerage firm, detailed that home sellers were responding to the amount of homebuyers dropping due to high mortgage costs.
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