June saw both record-low home price appreciation and the largest single-month increase of for-sale inventory in 12 years, resulting in a cool down in the housing market. And the housing market would likely slow further in the coming months if mortgage rates remain persistently high.

The annual home price growth fell by nearly two percentage points to 17.3% in June from the previous month, according to Black Knight’s monthly mortgage monitor report. June marked three consecutive months of decelerating home price growth. To compare, the largest single-month drop in appreciation was 1.2 percentage points in the housing details ⇒

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