Home prices fell annually for the first time since 2012, but the collapse of Silicon Valley Bank is bringing more buyers to the housing market

• In February, home prices fell on a year-over-year basis for the first time since 2012, Redfin said.
• But March has seen a shift in the market with the implosion of Silicon Valley Bank.
• More homebuyers came into the market as mortgage rates dropped.

The home prices dropped on a year-over-year basis in February, the first time that's happened since 2012, but fresh demand in recent weeks may already be altering these conditions, Redfin reported on Friday.

The average price for a home sale dipped by 1.2% to $386,721 last month, as the Federal Reserve's continued rate hikes spurred higher mortgages, keeping buyers at bay and forcing sellers to lower their prices.