Home prices in February increased 7.2 percent from a year ago to a median sale price of $260,900, making it the strongest February for price appreciation in three years. At the same time, there was 6.4 percent decline in new listings and a 12.9 percent decline in the overall number of homes for sale, marking the third month in a row that inventory has fallen by double digits, and the 17th consecutive month of year-over-year supply declines. “The total level of home equity reached a new peak at the close of 2016,” says Redfin chief economist Nela Richardson. “[But] while great for homeowners, continuously strong price growth across the U.S. since 2012 has posed significant challenges for first-time buyers.”
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