Need more proof that home prices are improving? Black Knight is coming to the rescue with their deep dive into August numbers—and the news is good for buyers!
From June-August, the average home price fell 2 percent, or $8,800. That marks the largest two-month decline since 2009.
Median home prices in August fell 0.98 percent from July. There’s still, however, a ways to go from the record price growth seen during the pandemic. Home prices remain up 12.1 percent from August 2021.
“Historically low inventory—along with record low interest rates —was one of the key drivers behind U.S. home prices seeing essentially a decade’s worth of appreciation in just two-and-a-half years,” said Ben Graboske, Black Knight’s President of Data & Analytics.
According to Black Knight, the West represented some of the largest declines in median home prices compared to the pandemic peak, with the Bay Area posting a more than 13 percent decline.