US Housing Market Sees Mixed Results in February

The median price of a US home was lower in February 2022 than it was a year ago, ending more than a decade of year-over-year increases, according to a National Association of Realtors report. However, home sales surged in February, following a full year of declining home sales due to surging mortgage rates and prices that remained elevated, which kept homebuyers out of the market. Inventory remains low, and multiple offers are returning on a good number of properties.