U.S. existing-home prices fell from a year earlier in February for the first time in 11 years, as a dip in mortgage rates caused home sales to surge from January levels.
The national median existing-home price fell 0.2% in February from a year earlier to $363,000, the first year-over-year decline since February 2012, the National Association of Realtors said Tuesday. Median prices are down 12.3% from their record $413,800 in June. Price figures aren’t adjusted for seasonality.
Sales of previously owned homes, which make up most of the housing market, rose 14.5% in February from the prior month to a seasonally adjusted annual rate of 4.58 million, breaking a 12-month streak of declines, NAR said. February sales fell 22.6% from a year earlier.