According to the Black Knight Home Price Index February report homes prices continue surge and are doing so almost everywhere. (BK)
- Home prices were up 11.6% in February, the highest annual rate in more than 15 years.
- Nearly 75% of the 100 largest U.S. markets saw annual home price growth of 10% or more
As per usual, this is great news if you are a homeowner, but so great if you are looking to buy. It now takes 20% of the median household income to make monthly payments on an average-priced home.
Ben Graboske, Black Knight Data & Analytics President, said in a statement, “Of course, upward pressure on home prices has also served to tighten affordability, and with rates on the rise, affordability concerns are coming into sharper relief…Housing is now the least affordable it’s been – factoring in interest rates, home prices and income – since mid-2019. Any hopes of 2021 bringing an influx of homes to the market and lessening pressure on prices appear to be dashed for now.”