by Risk calculated on 06/03/2023 09:55:00
Today, in the Calculated Risk Real Estate Newsletter: Black Knight Mortgage Monitor: Home prices fell in January, ‘on track to fall below 0% by March/April’
A brief excerpt:
Here is a chart of the Black Knight HPI. The index is still up 3.4% year-on-year, but fell for the seventh consecutive month in January and now stands 5.5% from the June 2022 peak.
• House prices fell again in January, down 0.24% from December and a more modest 0.13% on a seasonally adjusted basis
• This is the smallest monthly decline in seven months as lower interest rates and improving affordability in late 2022/early 2023 were met with tighter supply
• Overall home prices are now 5.5% from their June high and 2.9% more modest from the high after adjusting for typical seasonal trends
• The annual house price growth rate fell to 3.43% in January, more than a percentage point below the 30-year average, and is on track to fall below 0% in here March/April.
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