Black Knight sees record slowdown in home price growth in June, and biggest jump in inventory in 12 years

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Black Knight Inc. BKI, -1.29% said Monday that year-over-year home price growth in June dropped by nearly two percentage points, which the data analytics company said was the “greatest single-month slowdown on record” since at least the early 1970s. Black Knight said the slowdown to 17.3% annual home price growth in June from 19.3% was broad based was a record by far, “and it wasn’t even close,” said Black Knight Data & Analytics President Ben Graboske; in comparison, the strongest single-month slowing during the 2006 housing downturn was 1.19 percentage points. The slowdown comes along with a 22% increase in the number of homes listed for sale the past two months, which was the biggest inventory gain in 12 years. The company said the “clear driver” of the inventory gains is a decline in sales activity, resulting from the lowest levels of home affordability in nearly 40 years due to rising interest rates.

This article was originally published by Marketwatch.com. Read the original article here.

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