House prices just dropped by the biggest amount in 11 years
US home prices just logged their biggest annualized drop in over 11 years, with soaring mortgage rates driving a slowdown.
The national median existing-home price slumped 1.7% to $388,800 last month, according to data from the National Association of Realtors – the metric’s biggest year-on-year drop since January 2012.
Median prices have now fallen 6% from their peak of $413,800 last June.
The slump comes amid a rapid rise in mortgage rates, with the average 30-year fixed-rate mortgage climbing from 5.25% to 6.35% over the past year, according to data from Freddie Mac.