The decline in home prices ended a streak of 131 consecutive months of increase.
The median sale price for previously-owned US homes sank to $363,000 in February, according to data from the National Association of Realtors published Tuesday.
The downtick snapped a streak of 131 consecutive months in which prices had increased year-over-year – the longest run of its kind on record. “The speed of decline in prices is being limited by the lack of existing homes coming to market…but even the relatively low number of homes listed are taking longer to sell,” Pantheon Macroeconomics chief economist Ian Shepherdson said in note.
The surge in sales ended a 12-month decline that led to the the nation’s worst housing slump in nearly a decade.The NAR’s findings matched recent data published by real estate firm Redfin, which also said earlier this month that it had tracked itsWhile prices dropped for the month, the volume of existing-home sales jumped 14.5% in February to a seasonally adjusted annual rate of 4.58 million – the first increase in 12 months. Sales were still down 22.6% compared to the same month one year ago.
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