Home prices see largest decline since 2012 as banking crisis hits demand: 'There's this fear that everything will crash'
US home prices in March dropped by 3.3% annually to a median of $400,528, marking the largest decline in 11 years, according toPandemic boomtowns and the San Francisco Bay Area led the price declines, and last month's banking turmoil spooked prospective homebuyers, who are already facing high mortgage rates and thin housing inventory.
But since then, mortgage rates have soared amid Federal Reserve rate hikes. While they have come off last year's peak of 7%, theMeanwhile, the higher mortgage rates are keeping buyers and sellers on the sidelines, and March saw new listings drop 23.3% year over year, Redfin said.
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