Buyers Capitalize on Rare US Housing Price Drop

For the first time in a long time, it’s cheaper to buy  property now than at this same time last year.

Home sales increased last month all over the country, as buyers took advantage of the low prices. Brittany Baughman works as a realtor for “Four Elements Realty and Co.” in the Seattle area. She reports an increase in business.

“When I’m working with buyers, I have been competing against other offers again,” Baughman said. “And offers are getting aggressive again.”

This is mostly due to the reduced cost of many items. Mortgage rates are currently around 7%, while the national median home price dropped to $363,000 in February (sources: NAR and Freddie Mac).

According to National Association of Realtors spokesperson Jessica Lautz, “interest rates have slipped back down into that 6% level” in recent weeks. And that has helped encourage returning buyers.
From January to February, home sales increased all around the country.

The West has had the largest growth, at 19.4 percent. But, Baughman warns that shoppers should be wary since dealers may not maintain such low pricing for long.

Baughman advised thinking of it as a long game. And hurry up if you want to take advantage of these new low prices.

According to NAR data, the increase in home sales from January to February was the largest monthly increase in the market since July 2020.