Black Knight: Home Prices Up Again in March on Worsening Inventory Shortages and Modest Rise in Demand
- According to the latest Black Knight HPI, home prices rose in March on both non-adjusted and seasonally adjusted bases, driven by a modest bump in demand and further deterioration in for-sale inventory levels
- Sales activity experienced a modest increase for the second consecutive month in March, with seasonally adjusted volumes up
13% from January's low, but still roughly13% below their pre-pandemic average - At the same time, Collateral Analytics data from Black Knight showed the supply of active for-sale listings fell for the sixth straight month, dropping to the lowest level since April of last year
- Further,
30% fewer new listings came on the market in March as compared to pre-pandemic norms, with the deficit having increased from27% below pre-pandemic norms in February and25% below in January - Home prices were up a seasonally adjusted
0.45% in March (+1.38% non-adjusted) for the third consecutive month of increases, with92% of markets seeing prices increase in the month - Despite prices hardening 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 - While home prices in many western and pandemic boom markets are still well off their peaks,
40% of major markets have seen prices return to peak levels - Of the top 50 markets (by population), only
Austin (-0.7% ),Salt Lake City (-0.12% ) andSan Antonio (-0.07% ) are still seeing prices falling on an adjusted basis, withPhoenix andDallas effectively flat month over month
"Home prices rose a seasonally adjusted
"The strengthening in home prices is the direct result of a second month of modest increases in sales volumes meeting a continually shrinking for-sale inventory. Our Collateral Analytics data showed the supply of active listings fell for the sixth straight month, to the lowest level since April 2022. On top of that, March saw deterioration in supply among
This month's report also draws upon daily rate lock data from Optimal Blue, a division of Black Knight, to help gauge the impact of today's volatile rate environment on mortgage lending activity. Rates remained volatile through March and April – from a high of
Much more information on these and other topics can be found in this month's Mortgage Monitor.
About the Mortgage Monitor
The Data & Analytics division of Black Knight manages the nation's leading repository of loan-level residential mortgage data and performance information covering the majority of the overall market, including tens of millions of loans across the spectrum of credit products and more than 160 million historical records. The combined insight of the Black Knight HPI and Collateral Analytics' home price and real estate data provides one of the most complete, accurate and timely measures of home prices available, covering
Black Knight's research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for the monthly Mortgage Monitor Report. To review the full report, visit: https://www.blackknightinc.com/data-reports/
About Black Knight
Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.
Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serving their customers. For more information on Black Knight, please visit www.blackknightinc.com/.
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SOURCE Black Knight, Inc.