Home Prices End a Decade of Surges as Sales Rebound

Prices fell in February for the first time in 131 months, which could bring more buyers to the market just in time for spring, according to NAR’s latest housing report.

Existing-home sales ended a yearlong decline in February, posting gains for the first time in 12 months, the National Association of REALTORS® reported Tuesday.

But February’s uptick is a hopeful sign that the housing market is adjusting to mortgage rates that are nearly double what they were a year ago. Many home buyers are still sitting on the sidelines ready to make a move. “Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines,” says NAR Chief Economist Lawrence Yun.