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Today, in the Calculated Risk Real Estate Newsletter: Black Knight Mortgage Monitor: Home Prices Increased Slightly in February; Prices Up 1.9% YoY
A brief excerpt: Here is a graph of the Black Knight HPI. The index is still up 1.9% year-over-year and will likely turn negative YoY soon.
• A modest easing of affordability in January and early February along with tightening inventory levels drove home prices slightly higher
• On an adjusted basis, prices were up 0.16% for the month, the strongest single month gain since May of last year, while non-adjusted they were up 0.68%
• The headline annual home price growth rate fell by 164 bps in the month to 1.94%, the first time we’ve seen annual home price growth below 2% since early 2012
• Price growth is expected to cross over into negative territory by April but may return above 0% before the end of the year if inventory challenges persist and interest rates ease
• All in, home prices nationally are now down 2.6% from their 2022 peak, marginally improved from 2.7% in January
emphasis addedThere is much more in the article. You can subscribe at https://calculatedrisk.substack.com/
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