A brief excerpt:
The first graph shows Black Knight’s estimate of monthly house price increases and the year-over-year change in prices.
• The annual home price growth rate fell by nearly two full percentage points to 17.3% in June, from 19.3% in the prior month – a 66% stronger deceleration than in the prior month
• June’s slowdown surpassed by 50% the 134 BPS plunge precipitated by Volcker-era rate hikes in the early 1980s and was the most significant drop since at least the early 1970s
• Even after hitting the brakes historically in June, it would take six more months of equivalent slowing to bring the annual growth rate down to 5%, more in line with the long-term average
There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/