By the end of February 2023, housing prices in the United States began to fall for the first time in 11 years. This is reported by the New York Post.
The National Association of Real Estate Dealers of the country reported that on average houses fell to $363 thousand. This indicator was 0.2% lower than the same period last year. At the same time, housing prices in the United States had previously been rising 131 months in a row.
The publication noted that prices fell the most in the west, where housing fell by an average of 5.6%, to $541 thousand. In the north-east of the country, housing became cheaper by 4.5%, falling to $366 thousand.
On March 13, Alexey Chepa, Deputy Chairman of the State Duma Committee on International Affairs, said that the tightening of sanctions imposed on the Russian Federation in the field of private property could cause a serious blow to US confidence.
Prior to that, Bloomberg, citing its own calculations, reported that the debt crisis had spread from the housing market to commercial real estate, threatening to cause a wave of debt shocks around the world. Currently, almost $175 billion of loan obligations in this segment are under threat.