- Sales of previously owned homes rose 14.5% in February compared with January, according to a seasonally adjusted count by the National Association of Realtors.
- It was the first monthly gain in 12 months and the largest increase since July 2020, just after the start of the Covid-19 pandemic.
- Higher mortgage rates have been cooling home prices since last summer, and for the first time in a record 131 consecutive months — nearly 11 years — prices were lower on a year-over-year comparison.
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House Prices Drop For First Time In Over A Decade
HOLLYWOOD, FLORIDA - OCTOBER 27: A 'For Sale' sign is posted in front of a single family home on October 27, 2022 in Hollywood, Florida. The rate on the average 30-year fixed mortgage hit 7.08%, up from 6.94% the week prior, according to Freddie Mac. Mortgage rates surpassed 7% for the first time since April 2002. (Photo by Joe Raedle/Getty Images)
