House prices declined in January, “soon to fall below 0% by March/April”.
To Estimated risk per 03/06/2023 09:55:00
Today in the Calculated Risk Real Estate newsletter: Black Knight Mortgage Monitor: House prices declined in January ‘to fall below 0% by March/April’
Here is the HPI Black Knight chart. The index is still up 3.4% year-on-year but declined for the seventh consecutive month in January and is now 5.5% below its June 2022 peak.
• House prices fell again in January, down 0.24% from December and a more modest 0.13% seasonally adjusted.
• This is the smallest monthly decline in seven months as interest rate cuts and higher affordability in late 2022/early 2023 reduced supply.
• Overall, home prices are now 5.5% below their June peak and a more modest 2.9% below their peak, adjusted for typical seasonal trends.
• Annual house price growth fell to 3.43% in January, more than a full percentage point below the 30-year average, and is expected to fall below 0% by March/April.
There is much more in the article. You can subscribe to https://calculatedrisk.substack.com/