Black Knight Mortgage Monitor: Home Prices Declined in December; Down 5.3% since June

Today, in the Calculated Risk Real Estate Newsletter: Black Knight Mortgage Monitor: Home Prices Declined in December; Down 5.3% since June

A brief excerpt:

Here is a graph of the Black Knight HPI. The index is still up 5.0% year-over-year but declined for the sixth straight month in December and is now 5.3% off the peak in June.

• December’s 0.45% seasonally adjusted decline was roughly on par with the 0.48% average seen over the past 6 months, with an even sharper 0.89% decline on an unadjusted basis

• Nationally, home prices are now 5.3% off their summer peak (2.9% when accounting for typical seasonal patterns)

• December’s decline pushed the annual home price growth rate down to 5.0% -- now only 0.4% above its 30-year average – and the slowest home price growth rate since June 2020 in the early stages of the pandemic

• If the current rate of monthly declines persists, we would see the annual home price growth rate go negative within the next three months

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