Today, in the Calculated Risk Real Estate Newsletter: Black Knight Mortgage Monitor: Home Prices Increased in March; Prices Up 1.0% YoY
A brief excerpt: Here is a graph of the Black Knight HPI. The index is still up 1.0% year-over-year and will likely turn negative YoY soon.
• Nationally, home prices rose by 0.45% in March on a seasonally adjusted basis, slightly stronger than the revised 0.43% rise in the prior month
• On a non-adjusted basis, home prices were up 1.38% in March, roughly on par with the 10-year March average of 1.43% (typically the strongest monthly uptick each year)
• Despite prices strengthening this spring, annual home price growth continues to cool; prices were up just 1.0% on an annual basis, a backward-looking metric that has been falling by 1.3-1.4% each month since the start of 2023
• A continuation of recent trends would drop that annual home price growth rate to around 0% when April 2022 metrics are reported next month
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