Black Knight has launched Daily Home Price Flash, featuring home price and other housing metrics that are updated each day for single-family residential real estate transactions in nearly all states and more than 200 top U.S. metros. The Black Knight Daily Home Price Flash will provide a way for market participants that are active in the residential real estate market or that have exposure to residential property risk to view home price movement within days.
“While daily and even intraday price data for stocks, commodities, currencies and bonds has been available for years, until now home price data was reported with a monthly or even quarterly lag, resulting in significant pricing disparities in changing market conditions,” said Michael Sklarz, who leads Jacksonville, Florida-based Black Knight’s Data and Analytics’ Collateral Analytics team. “Black Knight’s new Daily Home Price Flash provides some of this same high-frequency market information for home prices to the mortgage and real estate industries in near real time. Particularly during this period of significant economic uncertainty, our hope is that more frequent home price information will lead to more informed decisions and housing market efficiencies for the benefit of consumers and market participants.”
Housing price data is inherently volatile and the impact of the COVID-19 pandemic has exacerbated this situation. Due to the different mix of single-family homes selling each day with regard to home size, age, quality and features, much of home price data cannot be understood or interpreted correctly by machines. The Black Knight Daily Home Price Flash leverages daily local market multiple listing service (MLS) data and uses the median sold price per square foot of living area as the basic home price metric.
The Flash also includes a number of daily market indicators, such as the number of new listings, number of off-market listings and the median time it takes to sell a property. These data points have historically been leading indicators of the future direction of home prices. Indicators already show large declines in both the number of home sales and the number of new listings in markets such as the New York Metro area and Seattle, as well as in Midwest markets such as Detroit and Chicago.
The Daily Home Price Flash will be available within the Black Knight Rapid Analytics Platform (RAP), a cloud-based data and analytics enterprise solution.
