Recent reports are using monthly comparisons because of the sharp turnaround in the once-hot, pandemic-driven housing boom. So the changes can appear dramatic.
Black Knight, a real estate software, data and analytics firm, reported the second straight month of declines in August, with prices down 0.98% from July. It reported an upwardly revised 1.05%. Put together, these mark the largest monthly declines in more than 13 years and the eighth largest since at least the early 1990s, Black Knight said.
"Either one of them would have been the largest single-month price decline since January 2009 – together they represent two straight months of significant pullbacks after more than two years of record-breaking growth," Ben Graboske, Black Knight's president of data and analytics, wrote in the report.
Despite all of these factors, it's important to remember that real estate is also heavily influenced by local economic forces. It's seasonal, too. Families tend to buy larger, pricier homes in the spring and summer, so they can move during between school years. That skews prices higher. Smaller, less-expensive homes tend to sell in the fall and winter, skewing prices lower. This is why home prices are usually compared year over year, to get the most accurate reading.
But the rate of growth is cooling. This week, CoreLogic reported that home prices were 13.5% higher in August than in the same month a year earlier. That is the lowest annual rate of appreciation since April 2021, according to the report. It partially reflects cooling buyer demand due to higher mortgage rates. CoreLogic expects these annual increases will continue to shrink, but will still show a gain of 3.2% by August of next year., showed the median price of an existing home was up 7.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hacking group has reportedly released LAUSD data stolen during recent cyberattackAn international hacking syndicate that’s claimed responsibility for the cyberattack on LAUSD has reportedly begun releasing some of the information it claims to have stolen.
Read more »
Chicago gym offers free self-defense classes after recent West Loop attacksA Chicago gym is holding a series of self-defense classes – for free – in response to recent abduction attempts in the West Loop.
Read more »
Recent celebrity endorsements may not move needle in Texas Governor’s race, political analysts sayOut of all the endorsements, celebrity, business, political candidate or party, Dr. Carder said the one that carries the least amount of weight is celebrity endorsements.
Read more »
Schumer urges feds to share more info of recent data breaches | amNewYorkSenator Chuck Schumer is calling on the federal government to release more information about recent data breaches, and he urged Uncle Sam to step up enforcement against cyberattacks.
Read more »
Opinion | Why Americans should be troubled by Italy's recent fascist victoryGiorgia Meloni’s political views echo uncomfortably close to those of far-right extremist politicians in the U.S.
Read more »
Ask Amy: Readers criticize recent column, Amy respondsDEAR READERS: I have heard from scores of readers extremely concerned about my response to “Avoiding Amanita” ...
Read more »