The rate of annual home price growth rose for the first time in 16th months in July, according to the latest data from Black Knight.
But while the rate of home price growth slowed, home prices continued to rise month-over month and annually, according to a first look at the Black Knight Home Price index, which will be released in September.
But that slowdown reversed course in July, Black Knight data showed. Home prices increased by 0.34% monthly in July, and rose 3.9% from July 2018.
Over the last 16 months, the annual home price growth peaked at 6.75% in February 2018.
July’s home price increase marked the 87th consecutive month of annual home price growth. In fact, 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 chart below shows the rate of home price appreciation has been steadily decreasing since the beginning of 2018 before increasing once again in July.
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(Source: Black Knight)
San Jose, the most expensive market in the country, was the lone exception; home prices there were down 6.4% year-over-year.
Another report released Wednesday by CoreLogic showed home prices in the San Francisco Bay area fell 4.7% month-over-month in July and the total number of homes sold dropped to its lowest point for a July since 2011.
A recent report from First American even showed that consumer house-buying power reached its highest point in two decades. According to First American’s data, unadjusted house prices sit 6.3% above the housing boom peak. Whereas consumer buying power ticked up 3.3% between May and June, increasing 12.2% year over year.