- It finally happened. Median home sale prices are lower than they were a year ago for the first time since 2012, according to new data from Redfin out Thursday.
- High mortgage rates have been clobbering the real estate market but prices haven’t budged much, as homeowners are reluctant to sell and give up the low rates they nabbed in an earlier era.
- The rate on the 30-year mortgage rose to 6.65%, per Freddie Mac’s weekly report on Thursday, while another daily measure topped 7%.
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Home Prices Fall Year Over Year For 1st Time Since 2012
A For Sale sign is posted in front of a property in Monterey Park, California on August 16, 2022. - The US housing market is declining amid higher interest rates with fewer starts and more cancelled deals. (Photo by Frederic J. BROWN / AFP) (Photo by FREDERIC J. BROWN/AFP via Getty Images)
