Black Knight Inc. has released its new Daily Home Price Flash, which features 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 so the most current data can be used to make more informed business decisions.
“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,” says Dr. Michael Sklarz, who leads Black Knight 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,” he adds. “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.”
The tool 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. It 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.
The Daily Home Price Flash will be available within the Black Knight Rapid Analytics Platform (RAP), a cloud-based data and analytics enterprise solution.