Lower Rates Increased Affordability in July

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Posted To: MND NewsWire

At least one housing index is seeing a turn-around in the direction of home prices . Black Knight says the continuing decline of interest rates have increased homebuying affordability. As a result, its ended 16 straight months of decelerating appreciation in July. The company’s Home Price Index (HPI) increased 0.34 percent for the month, bringing year-over-year growth to 3.9 percent. Over the preceding 16 months the annual growth rate had slowed from a peak of 6.75 percent in February 2018 to 3.7 percent in June. While the rate of appreciation slowed over that 15-month period, prices continued to rise and in July marked 87 consecutive months of annual increases. 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. The one…(read more)

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