Black Knight, Inc. 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.

Black Knight said its Daily Home Price Flash would 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, who leads Black Knight Data and Analytics’ Collateral Analytics team. “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.”        

To help normalize some of the different mixes of single-family homes sold each day, Black Knight said the Daily Home Price Flash will leverage 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 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.

“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,” Black Knight said in the release.