A brief excerpt:
Note: The Black Knight House Price Index (HPI) is a repeat sales index. Black Knight reports the median price change of the repeat sales.There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/
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.
• April’s 0.46% seasonally adjusted rise was down from March’s revised +0.62% and roughly on par with the 0.49% rise in February
• April’s seasonally adjusted increase was near the 30-year average of 0.48% for the month – 5.5% annualized
• Despite prices firming up this spring, the annual home price growth rate slipped to 0% in April, the first-time prices have been flat year over year since the rebound from the Great Financial Crisis began in 2012
• At its current trajectory, the annual home price growth rate would only fall modestly below 0% for a very short time before pulling back above water by late Q2/early Q3