(Photo by Joe Raedle/Getty Images)
- Home prices fell year-over-year for the first time in a decade last month, NAR reported.
- That drop comes as mortgage rates still hover close to multi-decade highs near 7%.
- Easing rate expectations could help the housing market avoid a crash, NAR's senior economist previously said.
Home prices fell year-over-year in February for the first annual drop in a decade, according to a report from the National Association of Realtors.
The trade association reported that median existing home prices slipped to $363,000 in February, 0.2% lower than what median home prices were in February 2022. That's the first annual decline the market has seen in February 2012, when the market began a 131-month streak of price gains.