Housing demand fell significantly in June as a result of higher mortgage rates and general economic inflation, which led to a slowdown in home prices.
Black Knight reports that although home prices are still higher than they were a year ago, the increases dropped in June at the fastest rate ever.
Supply and demand are still out of balance, which is why price increases are still significant, and over recent years there has been a serious shortage on the property market.
Which was made worse by the coronavirus pandemic’s high demand.
According to Ben Graboske, president of Black Knight Data & Analytics,
The slowdown was broad-based among the top 50 markets at the metro level, with some areas experiencing even more pronounced cooling,
