National Home Prices Fell More Than 3 Percent in March—Biggest Annual Drop In Over A Decade


In advance of the impending National Association of Realtors March numbers, Redfin is out with some data that truly cements the changing real estate landscape. Last month, national home prices fell 3.3 percent to $400,528, the largest year-over-year drop since 2012. 

This follows February’s 1.2 percent dip, which was the first annual decrease since 2012. Redfin reports that just 28.5 percent of U.S. homes sold for more than their final list price in March, down from 54.1 percent a year earlier.

Nationwide, pending sales fell 26.6 percent on a seasonally-adjusted basis to the lowest level since April 2020. New listings also fell, down 23.3 percent, year-over-year in March to the lowest level on record aside from the start of the pandemic on a seasonally adjusted basis.

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