Analytics company: US home rates on the decline

Home rates in the United States are on the decline.

(CNN)— Home rates in the United States are on the decline. According to analytics company Black Knight, the median price fell by .98% August from a month earlier following a 1.05% drop in July.

Those declines are the sharpest since January 2009 when the economy was in the middle of the worst recession since the great depression.

Median home prices are now down 2% since their peak in June.

Currently, the housing market has 600,000 less listings than it did before the pandemic.

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