Home prices are falling in the United States, but compared to the rest of the world, US buyers are barely getting a break at all.

In February, US home prices declined year-over-year for the first time since 2012, according to a National Association of Realtors report. The median existing home price fell to $363,000 in February, a 0.2% decline from a year prior.

But compared to homebuyers across the globe, Americans have much less reason to celebrate.

That’s according to a March OECD report, which measured how much housing prices in 11 countries have fallen since their most recent peaks — rather than on a year-over-year basis like the NAR data.

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