Real estate market update: Home prices fluctuate as sales shift.

Home prices in the US fell year-over-year for the first time in 131 months, ending the longest price growth streak on record, according to data from the National Association of Realtors. The median existing-home price for all housing types declined 0.2% to $363,000 in February 2022. Existing-home sales reversed a 12-month slide in February, registering the largest monthly percentage increase since July 2020, as buyers returned to the market due to a slight decline in mortgage rates. However, inventory levels remain at historic lows, and properties typically remained on the market for 34 days in February. First-time buyers were responsible for 27% of sales in February, down from 31% in January.