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Home price increases dropped 2 percentage points \u2013 but even at that rate, it would still take six months to return to any historically \u201cnormal\u201d monthly increases.<\/p>\n<\/div>\n
NEW YORK \u2013 Black Knight reported that rising mortgage rates and inflation in the broader economy caused a cooldown in home prices in June amid declining demand. The yearly rate of price appreciation dropped from 19.3% to 17.3%.<\/span><\/span><\/p>\n \u201cThe slowdown was broad-based among the top 50 markets at the metro level, with some areas experiencing even more pronounced cooling,\u201d says Black Knight Data & Analytics President Ben Graboske. \u201cIn fact, 25% of major U.S. markets saw growth slow by three percentage points in June, with four decelerating by four or more points in that month alone.\u201d<\/span><\/span><\/p>\n However, Graboske added that the market would have to see six more months of similar deceleration for price growth to revert to long-run averages.<\/span><\/span><\/p>\n While Black Knight found that the cooling prices are concurrent with a sharp rise in home inventory, the inventory of for-sale homes remains 54% lower than 2017-2019 levels.<\/span><\/span><\/p>\n \u201cWith a national shortage of more than 700,000 listings, it would take more than a year of such record increases for inventory levels to fully normalize,\u201d Graboske says.<\/span><\/span><\/p>\n Source: CNBC (08\/01\/22) Olick, Diana<\/span><\/span><\/p>\n \u00a9 Copyright 2022 INFORMATION INC., Bethesda, MD (301) 215-4688<\/span><\/span><\/p>\n<\/div><\/div>\n <\/p>\n <\/p>\n\n\n