Sales of previously occupied U.S. homes surged in February to the fastest pace in six months as homebuyers seized on a modest drop in mortgage rates.
The national median home price slipped 0.2% from February last year to $363,000, marking the first annual decline in 13 years, the NAR said.
after years of soaring home values. The median U.S. home price is still up roughly 45% since February 2019, according to FactSet.ADVERTISEMENTElevated mortgage rates, which can add hundreds of a dollars a month in costs for homebuyers, on top of already high home prices, have kept many would-be buyers on the sidelines.
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