Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Mortgage

Black Knight: Home prices see largest monthly gain in two years

Home Price Index now just 8.4% below June 2006 peak

The month of March saw the largest monthly gain in home prices in nearly two years, according to a new report from Black Knight Financial Services (BKFS), a Fidelity National Financial (FNF) company.

Black Knight’s latest Home Price Index, released Tuesday, shows that home prices were up 1.2% in the month of March and up 4.8% on a year-over-year basis. Those totals represent the largest monthly gain in national home prices since June 2013.

Black Knight’s latest Home Price Index, which is derived from the company’s property and loan-level databases to produce a repeat sales analysis of home prices as of their transaction dates every month for each of more than 18,000 U.S. ZIP codes, sits at $245,000, which is just 8.4% off of the June 2006 peak of $268,000.

The Black Knight report also showed that year-to-date home price appreciation rose at a 33% greater rate than the same period in 2014.

According to Black Knight’s report, the top 10 states where home prices increased were:

  • Colorado: 1.9%
  • District of Columbia: 1.9%
  • Washington: 1.6%
  • Illinois: 1.5%
  • Michigan: 1.5%
  • Florida: 1.4%
  • Maryland: 1.4%
  • Nebraska: 1.4%
  • Virginia: 1.3%
  • Georgia: 1.3%

Another sign of March’s strong performance, Black Knight said, was the fact that even the 10 worst performing states and metro areas all saw flat to positive movement. Here are the bottom 10 states, each showing a slight increase in home prices:

  • Tennessee: 0.9%
  • Massachusetts: 0.9%
  • Hawaii: 0.8%
  • Nevada: 0.8%
  • Vermont: 0.7%
  • Pennsylvania: 0.6%
  • Arizona: 0.5%
  • Connecticut: 0.5%
  • New Jersey: 0.4%
  • Montana: 0.3%

Additionally, the top 10 metro areas where home prices increased were:

  • San Jose, CA: 2.7%
  • San Francisco, CA: 2.4%
  • Boulder, CO: 2.4%
  • Denver, CO: 2.2%
  • Naples, FL: 1.8%
  • Ocala, FL: 1.8%
  • Palm Bay, FL: 1.8%
  • Seattle, WA: 1.8%
  • Greeley, CO: 1.8%
  • Port St. Lucie, FL: 1.8%

According to Black Knight’s report, of the nation’s 40 largest metros, nine hit new peaks again in March, including: Austin, TX; Columbus, OH; Dallas, TX; Denver, CO; Honolulu, HI; Houston, TX; Nashville, TN; San Antonio, TX; and San Jose, CA.

Colorado led the 20 largest states with 10% year-over-growth, followed by Texas and New York (7.7% and 7.4%, respectively).

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