US Home Prices Grew at Slowest Pace Since August 2023: Report

Some parts of the United States have now become ‘fully fledged buyer’s markets,’ an economist says.

A house awaits buyers in Irvine, Calif., on Sept. 21, 2020. John Fredricks/The Epoch Times

The rate of price increases for U.S. homes was the slowest in 18 months, which together with a recent decline in mortgage rates brought more buyers into the housing market, according to real estate brokerage Redfin.

Home prices in February “were up 5.1 percent on a year-over-year basis—the slowest pace since August 2023,” the company said in a March 18 report. By month, prices went up 0.4 percent in February on a seasonally adjusted basis, equal to the slowest pace since July 2024.