Annual home price growth shifted from deceleration to decline in July as the median home price fell 0.77% from June – the largest single-month decline since.
Black Knight Inc. released its latest Mortgage Monitor Report, showing that the deceleration in home-price growth on which the company has been reporting in recent months has shifted to an actual decline. July’s month-over-month decline represents the first contraction in nearly three years.
Home prices are cooling in the U.S. thanks to a sharp drop in housing demand in June spurred by rising inflation and mortgage rates. Although home prices remain higher than they were one year [.]