The probability of a downturn in the next 12 months stands at 65%, according to a Bloomberg survey of economists.
The median price slipped 0.2% in February from a year earlier to $363,000.
Inflation again appears to be cooling just as the warning bells sound in the financial sector.
The trend is particularly strong in the Southeast.
Initial unemployment claims rose by 13,000 to 196,000 in the week ended Feb. 4.
The report also showed some signs of stress for American consumers whose wages have failed to keep up with inflation.
Policymakers acknowledge the progress on inflation, but contend that their work is far from over.
Contract closings decreased 1.5% to an annualized pace of 4.02 million last month.
The housing market rapidly deteriorated last year in the wake of the Fed's interest-rate hiking campaign.
The data show a consumer that's losing steam and business investment falling.
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