After 16 straight months of declines, falling interest rates helped to improve the national affordability landscape and stem the slowdown as annual home price appreciation rose in July. That’s according to an upcoming report from Black Knight.
Home prices were up by 0.34% for the month, increasing the annual home price growth rate to 3.9%, according to the Black Knight Home Price Index. Over those 16 months, annual home price growth rate had fallen from a peak of 6.75% in February 2018 to 3.7% as of June.
Remember, the slowdown didn’t equate to falling home prices at the national level as July marked the 87th consecutive month of annual home price growth. July’s HPI shows year-over-year home price growth in all 50 states as well as 99 of the 100 largest U.S. housing markets
San Jose (the most expensive market in the country) was the lone exception as home prices there were down 6.4% year-over-year.