"Home prices are still higher than they were a year ago, but the gains slowed at the fastest pace on record in June, according to Black Night, a mortgage software, data and analytics firm that began tracking this metric in the early 1970s. The annual rate of price appreciation fell two percentage points from 19.3% to 17.3%."
Written by Diana Olick, a major contributing factor to this slow down include the interest rate that reached 6% in June, compared to 3% a year ago, drastically affecting the monthly payments of mortgage loans.
However, there a light at the end of this tunnel during this market correction. This is now the time for FHA homebuyers to shine because now they have less chances in getting outbidded by conventional buyers who were willing to pay the $50,000 or $75,000 price difference. So sit back and relax especially as mortgage prices has dipped back to 5.5% which is still much below the inflation rate.