US home prices just did something they haven’t done since 2012
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...