After experiencing a steady increase since January, there are indications that home prices may be starting to decline once again.
According to Black Knight, the latest data on home prices reveals that they reached a new all-time high in July, rising 2.3% compared to the same month last year. This annual gain is larger than the approximately 1% increase recorded in June, and it is expected that the annual comparison for August will be even higher due to the significant price drops observed in August of the previous year.
However, Black Knight also reports a weakening in prices on a month-to-month basis. Although prices are still increasing, as is typical for this time of year, the rate of increase has fallen below the 25-year average. This is in contrast to the period from February to June, when prices exceeded their historical averages. These trends suggest that a slowdown in price growth may be occurring once again.
“In addition to the monthly gains slowing below long-term averages, Black Knight’s rate lock and sales transaction data also indicate lower average purchase prices and seasonally adjusted price per square foot for recent sales,” said Andy Walden, vice president of enterprise…
2023-09-01 13:03:10
Source from www.cnbc.com