CNBC hedline: Home prices cooled at a record pace in June, according to housing data firm
PUBLISHED MON, AUG 1 202212:01 AM EDTUPDATED 4 HOURS AGO
Home price gains are cooling fast, as demand wanes and supply builds.
The annual rate of price appreciation fell two percentage points from 19.3% to 17.3%.
Price gains are still otherwise strong because of an imbalance between supply and demand. The housing market has had a severe shortage for years.
https://www.cnbc.com/2022/08/01/home-prices-cooled-at-record…
Home prices are still higher than they were a year ago, but the gains slowed at the fastest pace on record in June, according to Black Knight, a mortgage software, data and analytics firm that began tracking this metric in the early 1970s. The annual rate of price appreciation fell two percentage points from 19.3% to 17.3%.
Price gains are still strong because of an imbalance between supply and demand. The housing market has had a severe shortage for years. Strong demand during the coronavirus pandemic exacerbated it.
Even when home prices crashed dramatically during the recession of 2007-09, the strongest single-month slowdown was 1.19 percentage points. Prices are not expected to fall nationally, given a stronger overall housing market, but higher mortgage rates are certainly taking their toll.