Home Price Growth Stalls As Inventory Rebounds

Home price growth saw the largest single-month slowdown on record since at least the 1970s in June, coinciding with a huge increase in inventory, according to Black Knight’s most recent Mortgage Monitor Report. Annual home price growth fell from 19.3% to 17.3% between May and June. “For context, during the 2006 downturn the strongest single-month slowing was 1.19 percentage points – about what we saw last month – and June topped that by 66%,” said Black Knight Data & Analytics President Ben Graboske. However, while the slowdown was historic, home price growth would need to fall at this pace for a while yet before annual price appreciation returned to 5%. “Still, while this was the sharpest cooling on record nationally,…

Half Of June’s Hottest Housing Markets Are In New England

As the housing market starts to cool off, last year’s buying trends are being upended. Western metros that topped charts last year for popularity and home prices have taken a back seat to more affordable, cooler areas in the East, according to a new report from Realtor.com. For the first time in the history of Realtor.com’s data, Western locations are completely gone from June’s list of hottest real estate markets. Topping the list for the first time ever, Concord, NH, is now the U.S.’s hottest housing market, based on the number of individual home listing views on Realtor.com and how quickly homes are selling there. The top five metros were Concord; Manchester, NH; Burlington, VT; Portland, ME; and Burlington, NC.…

Invasion Of Ukraine, Inflation To Take Toll On U.S. Housing Sector

By KIMBERLEY HAAS Russia’s invasion of Ukraine and its implications for the global economy have some experts saying the housing market in the United States will be impacted because of growing inflation pressures and supply chain difficulties. The Fannie Mae Economic and Strategic Research Group now projects full-year 2022 real gross domestic product growth of 2.3%, down from last month’s projection of 2.8%. They have also increased their 30-year fixed mortgage rate forecast to 3.8% in 2022 and 3.9% in 2023. Russia invaded Ukraine on February 24. Just before the war began, inflation hit a 40-year high and the Federal Reserve was poised to begin a course of significant money tightening. According to the ESR Group, the task of enacting…