Skyrocketing mortgage rates and inflation in the United States have caused the housing market to tumble in June, allowing historically high home prices to stabilize and unit stock to grow, according to a report from mortgage data analytics firm Black Knight.
The rise in housing prices rapidly slowed in June, according to the report, though prices are at higher than they were 12 months ago.
Tighter loans and years of growing price appreciation have caused home equity levels to hit record highs.
The annual rate of price appreciation in June fell two percentage points, from 19.3 percent to 17.3 percent.
“We’re starting to see big growth in inventory, fewer immediate sales, and more homes taking price cuts. What should we expect in the fall?” Mike Simosen, of Altos Research, a housing market analytic firm, wrote in a tweet….