Home prices cool - Book publishers' merger - NYC monkeypox response

Home prices are still higher than they were a year ago, but the gains slowed at the fastest pace on record in June, according to Black Knight, a mortgage analytics firm that began tracking this metric in the early 1970s. The annual rate of price appreciation fell two percentage points from 19.3% to 17.3%.
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Even when home prices crashed dramatically during the recession of 2007-09, the strongest single-month slowdown was 1.19 percentage points. Prices are not expected to fall nationally, given a stronger overall housing market, but higher mortgage rates are certainly taking their toll.
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The market would have to see six more months of this kind of deceleration for price growth to return to long-run averages, according to [the president of Black Knight]. He calculates that it takes five months for interest rates to be fully reflected in home prices. The cooling in prices coincides with a sharp jump in the supply of homes for sale, up 22% over the last two months. Inventory is still 54% lower than 2017-19 levels.