The latest read on home prices shows they hit another all-time high in July, rising 2.3% from the same month last year, according to Black Knight.
But prices weakened month to month, according to Black Knight.
Behind the cooling off: mortgage rates.
The jump in home prices since the start of the Covid pandemic, combined with much higher mortgage rates has crushed affordability.
It now takes roughly 38% of the median household income to make the monthly payment on the median-priced home purchase, according to Black Knight.
Persons:
Knight, That's, Andy Walden, Danielle Hale
Organizations:
Black, Realtor.com