The Washington Post

U.S. home prices hit a turning point last month,


dropping from a year ago for the first time since 2012, according to Redfin. In the four weeks through Feb. 26, the median price for a typical home was $350,246, down 0.6 percent from the same period a year earlier, the brokerage said Thursday. A surge in borrowing costs last year slammed the brakes on the housing market, sidelining buyers and slowing sales. While price declines could bring slight relief to consumers, higher mortgage rates are squeezing affordabil­ity and a lack of homes for sale could limit how far prices will fall. Freddie Mac said Thursday that the average for a 30-year fixed loan was 6.65 percent, up from 6.5 percent last week.

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