By using this site, you agree to the Privacy Policy and Terms Of Use.
Accept
WhatsNew2DayWhatsNew2Day
  • Home
  • Australia
  • Business
  • Economy
  • Entertainment
  • Gaming
  • Health
  • Lifestyle
  • Science
  • Sports
  • Tech
  • US
  • World
Reading: House prices fall annually for the first time in 11 YEARS as sales fall by more than a fifth
Share
Aa
WhatsNew2DayWhatsNew2Day
Aa
  • Home
  • Contact
  • About us
  • Privacy Policy
  • Home
  • Australia
  • Business
  • Economy
  • Entertainment
  • Gaming
  • Health
  • Lifestyle
  • Science
  • Sports
  • Tech
  • US
  • World
Follow US
© 2022 WhatsNew2Day News Network. All Rights Reserved.
WhatsNew2Day > US > House prices fall annually for the first time in 11 YEARS as sales fall by more than a fifth
US

House prices fall annually for the first time in 11 YEARS as sales fall by more than a fifth

Last updated: 2023/03/21 at 8:38 PM
Jacky 17 hours ago
Share
House prices fall annually for the first time in 11 YEARS as sales fall by more than a fifth
SHARE

House prices have fallen annually for the first time in 11 years, as sales plunged by more than a fifth.

The national median price of existing homes fell 0.2 percent in February from a year earlier to $363,000, marking the first year-over-year decline since February 2012, the National Association of Realtors he said on Tuesday. Median prices plunged 12.3 percent from a record $413,800 in June.

Prices rose in the Midwest and South but fell in the Northeast and West, ending a 131-month hot streak of year-over-year gains across the country, the longest on record.

The Federal Reserve’s historic push to accelerate inflation with rapid interest rate increases has battered the housing market by forcing mortgage rates higher.

Total existing home sales fell 22.6 percent year-over-year to a seasonally adjusted annual rate of 4.58 million, down from 5.92 million in February 2022.

A For Sale sign is posted in front of a house for sale on February 20, 2023 in San Francisco, California.  Prices rose in the Midwest and South but fell in the Northeast and West, ending a 131-month hot streak of year-over-year gains across the country, the longest on record.

A For Sale sign is posted in front of a house for sale on February 20, 2023 in San Francisco, California. Prices rose in the Midwest and South but fell in the Northeast and West, ending a 131-month hot streak of year-over-year gains across the country, the longest on record.

The national median price of existing homes fell 0.2 percent in February from a year earlier to $363,000, marking the first year-over-year drop since February 2012, the National Association of Realtors said Tuesday.  Median prices fell 12.3% from a record $413,800 in June

The national median price of existing homes fell 0.2 percent in February from a year earlier to $363,000, marking the first year-over-year drop since February 2012, the National Association of Realtors said Tuesday. Median prices fell 12.3% from a record $413,800 in June

This four-bedroom house in Austin, Texas was listed for sale a month ago for $3.9 million, up from $650,000 the last time it listed in 2019. The price has now been reduced at $200,000 to $3.7 million.

This four-bedroom house in Austin, Texas was listed for sale a month ago for $3.9 million, up from $650,000 the last time it listed in 2019. The price has now been reduced at $200,000 to $3.7 million.

While the annual rate fell, home prices rose 14.5 percent last month as buyers pounced on better mortgage deals.

Sales increased in all four regions, with the Midwest, West and densely populated South posting double-digit growth.

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.60 percent as of March 16, down from 6.73 percent the week before, but considerably higher than 4.16 percent a year ago. .

“I think home sales have already bottomed out,” said Lawrence Yun, NAR’s chief economist. “Cognizant of changes in mortgage rates, homebuyers are taking advantage of any rate decline.”

The Federal Reserve is currently meeting to decide whether to go ahead with planned rate hikes following the collapse of regional banks SVB and Signature, as well as the failure of global investment beast Credit Suisse.

His decision will have an immediate impact on mortgage rates and the housing market, which is one of the most rate-sensitive parts of the economy.

Jerome Powell is expected to announce a 25 basis point increase from 4.75 to 5 percent on Wednesday afternoon.

Two weeks ago the market was betting on a rise of 50 basis points.

Austin, Texas is one of 20 cities that has seen single-family home prices drop.  The decline in existing home sales in January was nationwide, but steepest in the West, where sales fell 42.4% year-over-year.

Austin, Texas is one of 20 cities that has seen single-family home prices drop. The decline in existing home sales in January was nationwide, but steepest in the West, where sales fell 42.4% year-over-year.

Total existing home sales fell 22.6 percent year-over-year to a seasonally adjusted annual rate of 4.58 million, down from 5.92 million in February 2022

Total existing home sales fell 22.6 percent year-over-year to a seasonally adjusted annual rate of 4.58 million, down from 5.92 million in February 2022

The median price in the West is the most expensive in the country at $525,200, down 4.6 percent from January 2022. Pictured are homes in San Francisco, one of the most expensive cities in the United States.

The median price in the West is the most expensive in the country at $525,200, down 4.6 percent from January 2022. Pictured are homes in San Francisco, one of the most expensive cities in the United States.

There were 980,000 unsold homes on the market at the end of February, up 15.3 percent from the same period last year.

At February’s sales pace, it would take 2.6 months to deplete current inventory of existing homes, up from 1.7 months last year.

A four to seven month supply is considered a healthy balance between supply and demand.

“Inventory levels are still at record lows,” Yun added. “As a result, multiple offers are coming back on a good number of properties.”

First-time buyers were responsible for 27 percent of sales in February, down from 29 percent in February 2022.

An earlier NAR report revealed that annual first-time buyer engagement was at all-time lows.

Properties typically stayed on the market for 34 days last month, up from 33 days in January.

Fifty-seven percent of the homes sold in February were on the market for less than a month.

You Might Also Like

Two inmates sparked a manhunt after digging a tunnel to get out of prison with a toothbrush

Devil-masked gunman tries to break into Tamp strip club and is stopped by ex-MMA fighter

Jude Law’s ex Sadie Frost teams up for a documentary about Twiggy

Catalytic converter thieves could soon face jail time and $1,000 in fines

Does this explain your sugar cravings? Junk food physically rewires the brain

TAGGED: annually, dailymail, fall, house, news, prices, sales, time, years
Jacky March 21, 2023
Share this Article
Facebook Twitter Email Print
Share
Previous Article Former Married At First Sight star Cathy Evans received an EMSculpt treatment this week MAFS star begins body contouring treatments on her stomach after $30,000 liposuction and BBL surgery
Next Article A SoCal ranch once owned by movie star John Wayne is currently for sale for $12 million John Wayne’s 2,000-acre Southern California ranch on the market for $12 million

Latest

Arley V. Nemo, 43, and John M. Garza, 37, were reported missing from the Newport News Jail Annex during a count Monday at 7 p.m. Pictured: Arley Nemo
Two inmates sparked a manhunt after digging a tunnel to get out of prison with a toothbrush
News
Colorado Mormon dentist idolized by staff who say he had the ‘perfect family’
Australia
An MMA fighter turned security guard is being hailed a hero for pinning down an 'incoherent' gunman who tried to hold up a gentlemen's club, a frantic encounter captured in its entirety on the club's security cameras.
Devil-masked gunman tries to break into Tamp strip club and is stopped by ex-MMA fighter
US
Italy's head coach Roberto Mancini speaks with Mateo Retegui during an Italy training session at the Centro Tecnico Federale di Coverciano on March 21, 2023 in Florence, Italy.
An Argentine goalscorer could debut with Italy against England in Euro qualifiers
News
United: Sadie Frost and Sienna Miller appeared thick as crooks in new snaps shared on Instagram on Wednesday
Jude Law’s ex Sadie Frost teams up for a documentary about Twiggy
Entertainment
Dre (Dominique Fishback) mopping up blood
Like Swarm? The showrunner wants you to watch these movies and shows
Gaming

nba 2k23 mt

© WhatsNew2Day News Network. All Rights Reserved. Email: contact@whatsnew2day.com

  • Home
  • Contact
  • About us
  • Privacy Policy

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?