PFSI - Home affordability slips to lowest levels since mid-2019 Black Knight says

Sharp rises in home prices and interest rates have pushed home affordability to its lowest point since mid-2019, according to Black Knight's Mortgage Monitor."Our repeat sales-based Black Knight Home Price Index shows February's annual price appreciation at 11.6%, the fastest growth rate in more than 15 years," said Ben Graboske, president of Black Knight Data & Analytics. "Likewise, the daily home sales data tracked by our Collateral Analytics group found a nearly 16% year-over-year increase in the median sales price in February."Specifically, home sales data shows a 15.9% Y/Y increase in the median single-family sales price in February, the report said.Monthly mortgage payments on an average-priced home now take 20% of the median household income, bringing it to the five-year average, but still stronger than the 20-year average of 23.4%.Don't look for more inventory to ease pricing pressure. There were 125K fewer listings over the first two months of 2021

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Home affordability slips to lowest levels since mid-2019, Black Knight says