Home Price Appreciation Rate Drops To 7-Year Low
March 2019 saw the average home rise 1 percent, down once again for the 13th month in a row. The annual rate of appreciation now sits at 3.8 percent which happens to be a seven-year low, according to HousingWire.
"In what is usually the calendar-year high point for home price gains, month-over-month appreciation in March 2019 was just 1%, down from 1.25% at the same time last year," said Black Knight Division President Ben Graboske, according to the report.
"Likewise, the annual rate of appreciation has now slipped to 3.8%, the first-time annual home price growth has fallen below its 25-year average of 3.9% since 2012."
The company cites a rise in interest rates as the reason behind the slow in the home price appreciation rate. Interest rates have just begun to fall, though the overall effects are going to be delayed for a month or two.
"That being said, that doesn’t mean homeowners aren’t benefiting, as the report highlights that falling rates have already had a positive impact on affordability," according to the report.
To learn more about the seven-year low for the home price appreciation rate, click on the image above.
