JACKSONVILLE, Fla., May 4, 2020 /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI) announced the launch of its new Daily Home Price Flash featuring 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," said Michael Sklarz, Ph.D., 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. 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."
Housing price data is inherently volatile and the impact of the COVID-19 pandemic has exacerbated this situation. Due to the different mix of single-family homes selling each day with regard to home size, age, quality and features, typical home price indices are "noisy" – meaning much of the data cannot be understood or interpreted correctly by machines. To help normalize this, the Black Knight Daily Home Price Flash 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.
Additionally, the Black Knight Daily Home Price Flash 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. These data points have historically been excellent leading indicators of the future direction of home prices. Indicators already show large declines in both the number of home sales and the number of new listings in markets such as the New York Metro area and Seattle, as well as in Midwest markets such as Detroit and Chicago.
The Daily Home Price Flash will be available within the Black Knight Rapid Analytics Platform (RAP), a cloud-based data and analytics enterprise solution that transforms the way companies work with data to enable insightful decision science strategies. RAP's unique, interactive platform provides a single workspace to immediately source data, including all of Black Knight's comprehensive, diverse data assets and advanced analytics; execute queries; create advanced analytics; and train machine-learning models to deliver faster results that help companies drive growth, effectively manage risk and respond quickly to an evolving market.
"By accessing the Black Knight Daily Home Price Flash, users will have the most current information to help analyze and predict which way home prices are heading and the timing for turning points in the market," Dr. Sklarz continued. "Residential real estate is a very important asset class, and the new Daily Home Price Flash delivers similar information to what market participants have been able to access in financial and commodity markets for many years."
About Black Knight, Inc.
Black Knight (NYSE: BKI) is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle.
As a leading fintech, Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.blackknightinc.com.
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SOURCE Black Knight, Inc.