Source: Deseret News —
After two years of runaway price growth, the U.S. housing market has hit a tipping point.
Home price growth has been decelerating for months now as the U.S. market cools from the pandemic frenzy. But in July, that shifted to an actual decline as the median home price fell 0.77% from June — the largest single-month decline in over 11 years.
That’s according to Black Knight’s July Mortgage Monitor report released Wednesday, which also showed home prices have declined from their peaks in more than 85% of the 50 largest U.S. housing markets. Home prices are down by more than 1% in a third of those markets, and more than one in 10 are seeing prices fall by 4% or more.
Good info! Keep it coming!
In our area Orlando Florida the home prices above five hundred thousand are sitting. The homes four fifty and below are still in demand but with a little longer on market than the frenzy we saw last year at this time. Still a some what hot market.
A bit heavy and alarming, on the grand headline when the detail was, .77% decline. I have no doubt prices will fall at least 25% over the next year on average.
Less than one percent from month earlier. Not even a trickle!!