Home Prices Fell for the First Time in 3 Years in July

Home Prices Fell , for the First Time , in 3 Years in July.

CNBC reports that according to mortgage, software, data and analytics firm Black Knight.

Home prices fell 0.77% between June and July.

According to CNBC, that's the greatest single-month price drop since January 2011.

Still, affordable housing remains at its lowest level in three decades.

According to CNBC, July home prices remained 14.3% higher than the same time last year.

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Black Knight reports that 32.7% of median household income and a 20% down payment on a 30-year mortgage are needed to buy the average home currently.

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We’ve been advising for quite some time that the dynamic between interest rates, housing inventory and home prices was untenable from an affordability perspective, and at some point, something would have to give, Andy Walden, vice president of enterprise research and strategy at Black Knight.

Via CNBC.

We’re now seeing exactly that, with July’s data providing clear evidence of a significant inflection point in the market.

Further price corrections are likely on the horizon as we move into what are typically more neutral seasonal months for the housing market, Andy Walden, vice president of enterprise research and strategy at Black Knight.

Via CNBC.

We’re now seeing exactly that, with July’s data providing clear evidence of a significant inflection point in the market.

Further price corrections are likely on the horizon as we move into what are typically more neutral seasonal months for the housing market, Andy Walden, vice president of enterprise research and strategy at Black Knight.

Via CNBC