U.S. home prices fell 0.77 percent from June to July, for the first monthly decline in nearly three years, according to preliminary July home sales data from Black Knight, a mortgage analytics firm.
The apparently mild drop in prices is the largest single-month decline in prices since January 2011.
It also was the second-worst performance for the month of July since 1991, following a 0.9 percent decline in July 2010, during the Great Recession.
“Further price corrections are likely on the horizon as we move into what are typically more neutral seasonal months for the housing market,” said a Black Knight spokesperson to CNBC.
Another recent July report, published by Zillow, saw a similar drop in home valuations….