February Housing Market: Mixed Results Across the US

After nearly 11 years of consecutive increases, Utah's home prices have fallen year-over-year for the first time, with a 7.6% decline in median sales price in February compared to the same month last year. However, low inventory is keeping prices "sticky," and new listings dropped by over 18% last month. Sellers are reluctant to put their homes on the market, and houses are sitting on the market for an average of 67 days, up from 28 days last year. Buyers have more bargaining power, with sellers offering concessions such as interest rate buy-downs, repairs, and contingencies.