A brief excerpt:
Here is a graph of the Black Knight HPI. The index is still up 9.3% year-over-year but declined for the fourth straight month in October and is now 3.2% off the peak in June.
• While near multi-decade low affordability would suggest home prices should be seeing strong declines, stalling inventory levels are holding home prices higher than current demand levels would suggest they should be
• Home prices fell 0.43% in October (-0.13% on a seasonally-adjusted basis), the smallest such decline – both actual and seasonally adjusted – since home prices peaked in June
• Likewise, home price growth cooled for the seventh consecutive month, to 9.3% in October from 10.6% the prior month, the lowest annual rate in >2 years
• The median home price nationally is now down 3.2% (-1.5% on a seasonally-adjusted basis) from its June peak but tight inventory has slowed the rate of decline in recent months
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