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Today, in the Calculated Risk Real Estate Newsletter: Black Knight Mortgage Monitor: Home Prices Declined in January, “on pace to fall below 0% by March/April”
A brief excerpt: Here is a graph of the Black Knight HPI. The index is still up 3.4% year-over-year but declined for the seventh consecutive month in January and is now 5.5% off the peak in June 2022.
• Home prices fell again in January, pulling back by 0.24% from December and a more modest 0.13% on a seasonally adjusted basis
• That’s the smallest monthly decline in seven months, as falling interest rates and improving affordability in late 2022/early 2023 ran into tightening supply
• All in, home prices are now 5.5% off their June peak and a more modest 2.9% off peak when adjusting for typical seasonal trends
• The annual home price growth rate fell to 3.43% in January – more than a full percentage point below the 30-year average – and is on pace to fall below 0% by March/AprilThere is much more in the article. You can subscribe at https://calculatedrisk.substack.com/
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