Today, in the Calculated Risk Real Estate Newsletter: Black Knight Mortgage Monitor: Home Prices Increased Month-to-month to New Record High in June
A brief excerpt: Note: Although not in Mortgage Monitor, Black Knight told me: “We haven’t yet calculated payment-to-income ratios given yesterday’s news of rates north of 7%, but it’s a pretty safe bet it’s pushed us past last October/November’s “worst affordable market” marker”
Note: The Black Knight House Price Index (HPI) is a repeat sales index. Black Knight reports the median price change of the repeat sales. Here is a graph of the Black Knight HPI. The index is up 0.8% year-over-year.
• Recent monthly gains suggest that further acceleration of annual home price growth rates are likely on the horizonbr />
• A continuation of gains seen over the past six months (+0.6% month over month, seasonally adjusted, on average) would result in the annual home price growth rate accelerating to 2% or higher in July with further acceleration in subsequent monthsbr />
• A later-than-normal peak in inventory levels, as noted on the previous page, could ease price pressures later this year, although if interest rates begin to ease, prices could heat up on what would still be chronically low inventory
emphasis addedThere is much more in the article. You can subscribe at https://calculatedrisk.substack.com/