Apr 20, 2023 - Economy
Home prices fall 3%, biggest drop since 2012, per Redfin
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Home prices continued their downward tumble in March. Median sale prices were 3.3% lower than a year ago — the biggest annual drop since 2012, per Redfin.
What's happening: It's the second month in a row of negative year-over-year prices.
The big picture: You know the drill, mortgage rates are high and homeowners don't want to sell and lose their low-rate loans.
- Meanwhile, pandemic trends are over. Home prices in Boise, Idaho — the iconic Zoom boom town — fell 15.4% from last year, the most of any U.S. metro.
