Data firm Black Knight reports home price growth in June dropped nearly two percentage points, the largest monthly slowdown since the early 1970s. June also saw the largest single-month inventory increase in 12 years.
CoreLogic, another major data outfit, found price growth slowed for the second month in a row. They now forecast annual home price appreciation will drop to 4.3% by June 2023, in line with average price growth from 2010 to 2020.
Residential Construction Spending in June fell 1.6% below the revised May estimate. At a seasonally adjusted annual rate of $923.7 billion, home building is still a solid 15.6% higher than a year ago.
What does that mean for you? As a buyer there are going to be more homes on the market. As a seller, price of homes will not drop but they are not increasing at the rate they had been in the past 18 months.
Give me a call so we can talk about getting you into a new home.
Mary Cockburn/505-639-2090/MaryCockburn.Realtor@gmail.com
