Today, in the Calculated Risk Real Estate Newsletter: Black Knight Mortgage Monitor: Home Prices Declined in September; Down 2.6% since June
A brief excerpt: Here is a graph of the Black Knight HPI. The index is still up 10.1% year-over-year but declined for the third straight month in September and is now 2.6% off the peak in June.
• Housing market watchers are split on whether we will see meaningful price declines in coming months – or even years – due to low affordability, or a more lateral correction moderated by historically low inventory
• September’s data brought fodder for both sides of the debate, with home prices slipping for a third consecutive month, but at 0.52%, less than half the monthly declines seen in July and August
• All in, prices have fallen 2.6% since June – the first 3-month decline since 30-year rates spiked to near 5% back in late 2018, and the worst 3-month stretch since early 2009.There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/