Housing market sees first price drop in years as home sales surge.
TL;DR Summary
Sales of previously owned homes in the US spiked to about 4.58 million in February, up 14.5% from the previous month, breaking a 12-month streak of steady declines. Home prices logged their first year-over-year decline since 2012, with the median US home price dipping 0.2% to $363,000. The increase in selling activity was driven by the West, which saw home sales increase 19.4%. The path of prices moving forward could be heavily dependent on what happens with interest rates, analysts say.
Topics:business#federal-reserve#home-sales#housing-market#mortgage-rates#national-association-of-realtors#real-estate
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