Today, in the Calculated Risk Real Estate Newsletter: Black Knight Mortgage Monitor: Home Prices Declined in December; Down 5.3% since June
A brief excerpt: Here is a graph of the Black Knight HPI. The index is still up 5.0% year-over-year but declined for the sixth straight month in December and is now 5.3% off the peak in June.
• December’s 0.45% seasonally adjusted decline was roughly on par with the 0.48% average seen over the past 6 months, with an even sharper 0.89% decline on an unadjusted basis
• Nationally, home prices are now 5.3% off their summer peak (2.9% when accounting for typical seasonal patterns)
• December’s decline pushed the annual home price growth rate down to 5.0% — now only 0.4% above its 30-year average – and the slowest home price growth rate since June 2020 in the early stages of the pandemic
• If the current rate of monthly declines persists, we would see the annual home price growth rate go negative within the next three monthsThere is much more in the article. You can subscribe at https://calculatedrisk.substack.com/