Dips in home prices are becoming more pronounced. CoreLogic reported that July prices nationally fell 0.3% from June to July compared to the typical 0.5% rise that period saw from 2010 to 2019.
The median home price fell by 0.77% in July, the largest single-month drop since January 2011, according to the CoreLogic Home Price Index (HPI) and HPI Forecast. Rising mortgage rates were the main culprit.
"This is a significant slowdown," said Bill McBride of the Calculated Risk blog.
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The Black Knight Home Price Index "shows clear signs of an inflection point," it wrote. "Month-over-month data gives us a much clearer picture of just how much – and how quickly – the housing market has shifted."
CoreLogic agreed. Its release said, "Price growth is taking a decisive turn."
Looking ahead, CoreLogic expects to "see a more balanced housing market, with year-over-year appreciation slowing to 3.8% by July 2023."
Key Takeaways from CoreLogic
- Tampa showed the highest year-over-year home price increase of the country's 20 largest metro areas in July, at 29.7%.
- Moving to second place was Miami at 27.1%.
- Florida and South Dakota posted the highest home price gains, 29.6% and 23.7% respectively.
- Tennessee ranked third with a 23.2% year-over-year increase.
- Washington, D.C. ranked last for appreciation at 2.4%.
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