A pivotal real estate earnings season is beginning. Here’s what to know

We're coming fast out of the gate today with a detailed look at earnings season, which begins in earnest this week following Anywhere’s second quarter report from last week. But the biggest news this week will be on the ground in Las Vegas, where Inman Luxury Connect kicks off today, followed by Inman Connect Las Vegas Aug. 3-5. Make plans to join us virtually.

A pivotal earnings season is beginning. Here’s what to know

THE NEWS: At long last, the moment of truth has arrived. Thanks to an unprecedented spike in mortgage rates earlier this year, residential real estate demand has cooled considerably, price appreciation has slowed way down, homes are sitting on the market longer and the relentless boom times of last year are for some a fading memory.

It’s against that backdrop that all the major, publicly-traded real estate companies are beginning to report their latest earnings. Earnings are always worth watching but it’s hard to recall any batch of reports that will be more pivotal. That’s because these latest reports will reveal earnings from the second quarter of this year, which happens to be when the market shift was really coming into full force. The reports also come as Inman Connect Las Vegas unfolds, meaning many leaders and fans of the companies will all be together in the same place. It’s a recipe for buzz.

BEHIND THE NEWS: Many or most companies are likely going to report drops in revenue and profit given the realities of the market. But more specifically this season will offer insights into which are preparing for tougher times and which might flail. Click through for the complete lineup of real estate firms reporting this week, and stay tuned to Inman for the news. Read the full story here.

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Home prices down from peaks in quarter of nation’s top 50 markets

THE NEWS: Annual home price appreciation slowed at a record pace in June as inventories surged at a speed not seen in 12 years, with prices coming down from recent peaks in 12 of the nation’s 50 largest markets, according to real estate data aggregator Black Knight’s latest monthly Mortgage Monitor Report.

At the national level, June’s slowdown in home price appreciation — a drop of 2 full percentage points from 19.3 percent in May to 17.3 percent in June — was the sharpest on record, Black Knight said. During the 2006 downturn the strongest single-month drop in home price appreciation was 1.19 percentage points.?

BEHIND THE NEWS: Annual home price appreciation would need to keep decelerating at that pace for six more months before getting back in line with the long-term historical trendline of closer to 5 percent. Read the full story here.