Yearly home price appreciation has slowed for 10 months and month-over-month has been negative for four months.

The Black Knight Mortgage Monitor report for January 2019 shows a marked slowing in home price appreciation.

Mortgage Monitor Comments

The average home declined in value by 0.3% (-$850) in December, marking the fourth consecutive monthly decline in home prices

December marked the 10th straight month of slowing annual home price appreciation (HPA), falling from a high of 6.8% annual growth in February to 4.6% at the end of the year

The average home is now down an aggregate of $2,440 (-0.8%) in value from August 2018

With more than 50% of areas reporting, early numbers for January suggest we're likely to see more of the same

The annual growth is still outpacing the 25-year average of 3.9% - although the gap is closing quickly

Falling rates continue to boost refinance incentives. Some 3.27 million homeowners with a mortgage could likely qualify for a refinance and reduce their interest rate at least .075% by doing so. That population is up nearly 75% from the 10-year low in November 2018, despite still being down 30% from late 2017 when rates were below 4%.

I asked Black Knight if they had seasonally-adjusted numbers or a longer timeline than shown in the report. The answers were no and yes respectively. Black Knight does not seasonally adjust numbers.

Home Price Index 2000-2019