Home Prices Fell Year-Over-Year For The First Time In A Decade

  • “Prices falling from a year ago is a milestone because it hasn’t happened since the housing market was recovering from the 2008 subprime mortgage crisis. But it’s not surprising and in many ways, it’s welcome,” Redfin Deputy Chief Economist Taylor Marr commented.
  • “Home prices skyrocketed so much over the last few years that they were likely to come down once rates rose from historic lows. Mortgage rates rising to the 7% range was the straw that broke the camel’s back, dampening homebuying demand and leading to sellers asking less for their home.”
  • Rates for a 30-year fixed mortgage approached 6.7% as of March 2023 after nearing 7.1% in November 2022, according to data from government-backed mortgage company Freddie Mac.