US sees a decline in house prices for the first time in a decade (includes video story)

First-time homebuyers across the country have a reason to celebrate with the recent news that house prices have ended a ten-year streak and marked the first monthly year-over-year price drop since 2012.

According to a new report from the National Association of Realtors, the median price of a US home in February was $363,000–down 0.2% from the same month last year. Experts believe this decline–though small–marks a turning point for the industry.

Money coach Lynnette Khalfani-Cox notes that the peak buying season is approaching. This motivatrd sidelined buyers to make deals quickly. If you’re ready to buy, she suggests lining up your cash, figuring out which loan you qualify for and calculating your down payment.

“You can put down as little as 3 or 3.5% and still get in the home of your dreams,” says Khalfani-Cox. “And that’s good news to people who don’t have, you know, a hefty amount of savings.”

Alexa Velez is a senior at FIU majoring in broadcast media with a concentration in English. She has written for PantherNOW and Caplin News and is a recipient of the NBCU Diversity, Equity & Inclusion Scholarship. She completed her first internship on a national radio station, SLAM! Radio on Sirius XM 145, during the summer. She aims to network with others within the field and continue gaining experience in an effort to grow professionally and perfect her craft as a journalist.