Home prices see biggest fall in 4 years as mortgage rates rise

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Home prices see biggest fall in 4 years as mortgage rates rise. FILE PHOTO | SHUTTERSTOCK

House prices dropped by the biggest margin in the quarter to December in over four years amid an oversupply of homes and costly bank loans.

Data by realtor HassConsult show the price of an average house within the city fell 2.2 percent during the period, marking the first contraction since June 2020 at the peak of the Covid-19 economic crisis.

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