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,…
Home price growth saw its largest single-month slowdown since 2006 in May as inventory begins to correct, according to Black Knight’s May Mortgage Monitor Report. May was the second straight month of prices cooling across the country. Home price growth slowed in 97 of the U.S.’s 100 largest housing markets. The national appreciation rate fell by more than a whole point YOY. “[W]hile any talk of home values and 2006 might set off alarm bells for some, the truth is that price gains would need to see deceleration at this rate for more than 12 months just to get us back to a ‘normal’ 3-5% annual growth rate,” said Black Knight Data & Analytics President Ben Graboske. “That said, the…
Annual home price appreciation dipped slightly in April, the first decline in months and a sign that the housing market is finally pumping the brakes. The S&P CoreLogic Case-Shiller Index, which measures average home prices, found that home prices rose by 20.4% YOY, decelerating from March’s read of 20.6%. Though it’s not a drastic fall, the numbers suggest that rising mortgage rates and increasing costs associated with buying a home are deterring buyers. The last time prices decelerated was in November of 2021. “April 2022 showed initial (although inconsistent) signs of a deceleration in the growth rate of U.S. home prices,” said Craig Lazzara, managing director at S&P DJI. “We continue to observe very broad strength in the housing market,…
Good Morning! Today is Wednesday, May 4. J.D. Vance won the Ohio Senate Republican primary. The Supreme Court said the leaked draft striking down Roe v. Wade was authentic but not final. The EU proposed a total ban on Russian oil. The Mortgage Note Reports Maintain Your Home, Build Wealth: An app that helps homeowners maintain their property inside and out has been developed by Consumer Reports and leaders there say this could potentially increase value during the sale process. Editor Kimberley Haas reports. Home Price Growth: More metro areas saw double-digit YOY increases in their median single-family existing-home sales price in Q1 2022 than in Q4 2021. Migration Trends: More home shoppers are searching for houses outside their current metros in Q1 2022 as remote work…
More metro areas saw double-digit YOY increases in their median single-family existing-home sales price in Q1 2022 than in Q4 2021, according to the National Association of Realtors’ (NAR) quarterly report. Prices grew by double-digits in 70% of the 185 metros analyzed by NAR, up from 66% in Q4 2021. The median sales of single-family existing homes rose at a pace of 15.7% to $368,200, compared to 14.3% in the quarter prior. Affordability dropped as a result, with monthly mortgage payments on the typical home with a 20% downpayment rising to $1,383, up $319 (30%) YOY. Homeowners spent 18.7% of their income on mortgage payments, up from 14.2% the same time last year. The South region accounted for 45% of…
Home prices grew by 19.1% annually in January 2022 and were up 1.4% from December 2021, according to CoreLogic’s Home Price Index (HPI) and HPI Forecast. The index found that annual appreciation of detached properties was 20.3%, 5.1 percentage points higher than that of attached properties, which saw a 15.2% increase. Naples and Punta Gorda, Florida, had the highest YOY home price growth for the second month straight, at 38.9% and 38.3%, respectively. The Mountain West and Southern regions dominated price growth nationally. Arizona took the number one spot with gains of 28.3%, followed by Florida (27.9%), and Utah (25.2%). But CoreLogic predicts that appreciation will slow to 3.8% annually by January 2023. “In December and January, for-sale inventory continued…
Home prices rose year-over-year (YOY) by 18.5% across the nation in December 2021, and by 1.3% from November, CoreLogic’s latest Home Price Index reported. Home price growth averaged 15% for 2021, which saw one of the hottest housing markets in decades. Q1 2021 started off with 10% appreciation but continued to grow, reaching 18% in Q4. By comparison, price appreciation for the full year of 2020 averaged only 6%. The states with the highest increases YOY were Arizona (28.4%), Florida (27.1%), and Utah (25.2%). The cities with the biggest gains were Phoenix (30.2%), Las Vegas (24.4%), and San Diego (22.4%). CoreLogic predicts that home prices will remain flat this month and rise by only 3.5% by next December. Comparing annual…
