RDFN - Surging home prices push affordability to the tipping point Black Knight says

Low for-sale inventories and record low interest rates pushed home prices up 14.8% in April, the highest annual home price growth rate that Black Knight has seen in it almost 30 years of collecting data and the 17th straight month of increases.For-sale listings are down 53% in April vs. a year ago causing a 750K deficit in homes listed on the market. The data firm's Collateral Analytics group estimates there were just two months' worth of single-family inventory nationwide in March, the lowest supply on record.The accelerating pace of home price increases is making home ownership less affordable."It now takes 20.5% of the median income to make monthly payments on the median-priced home, which roughly has been the tipping point between accelerating and decelerating home price growth in recent years," Black Knight notes.That's still better than the 25-year average of 23.6%, but exceeds the five-year average of 20.1%, even with interest

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Surging home prices push affordability to the tipping point, Black Knight says