House prices drop from same time last year for first time since 2012
PITTSBURGH (KDKA) - Here is some good news for first-time homebuyers.
House prices just ended a 10-year streak, marking the first monthly year-over-year price drop since 2012.
"A lot of homebuyers or prospective homebuyers all across the country are really going to welcome this good news," said Lynnette Khalfani-Cox of the Money Coach.
A new report from the National Association of Realtors shows the median price of a U.S. home in February was $363,000; that's down 0.2% from the same month in 2022.
It's important to note the report came in spring, which is the peak buying season.
Many have been sidelined by little demand. What can you do if you're finally ready to buy?
Make sure you figure out which loan you can qualify for, either a conventional mortgage or a government-insured loan.
Then, calculate your down payment and line up the cash.
"You can put down as little as 3% or 3.5% and still get into the home of your dreams. And that's good news to people who don't have, you know, a hefty amount of savings," Khalfani-Cox added.
Another factor in mortgage rates is the Federal Reserve's benchmark interest rate.
Fed Reserve Chairman Jerome Powell announced they're raising the interest rate by a quarter-point on Wednesday.
