Housing prices decline nationwide

Price appreciation in the U.S. housing market remained below one percent in February, the seventh straight month the market has failed to reach that threshold.

Annual price growth during the second month of the year declined 0.15 percent compared with February 2025, the first year-over-year decline since 2012, according to First American  Data & Analytics in Santa Ana.

That drop in prices is noteworthy but no reason for panic, said Mark Fleming, First American’s chief economist.

“The decline is modest and reflects a market that has flattened after years of rapid price gain,” Fleming said in a statement. “Near-zero national price growth, combined with rising household incomes and an increase in homes for sale, continues to improve affordability.

“Today’s slower growth trajectory suggests a more balanced and sustainable market for buyers and sellers alike.”

Locally, Riverside recorded a 3.2 percent housing price decline in February, the fifth-largest drop of any major U.S. housing market, according to First American.