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Where States and Metros Landed in Terms of Home Price Appreciation

Black Knight released its latest Home Price Index (HPI) Monday, highlighting the annual and monthly changes of residential real estate transaction data in September 2017. The financial provider's micro-level valuation data covers nearly 90 percent of U.S. residential zip codes, however the numbers taken from this report are not seasonally-adjusted.  

Based on the report, the national-level HPI rose by 0.16 percent in September, establishing a new peak for home prices at $282,000. The year-over-year growth also increased slightly in September, landing at 6.36 percent. In August 2016, the year-over-year annual growth rate stood at 6.24 percent.

While the national-level HPI rose in September, monthly appreciation continues to decline, falling by one-third from August, marking the sixth consecutive month of slowing growth. August was already seeing a significant drop in growth rate; its rate was half of what Black Knight recorded in July 2017.

Across the top 20 largest states, half of them experienced a decrease in home prices compared to last month, with Michigan having the largest decrease -0.6 percent. New York led the pack for the third consecutive month with a 1.08 percent rise in prices compared to August. The number of states hitting new peaks also dropped in September, including Massachusetts ($400,000), New York ($386,000), Washington ($380,000), North Carolina ($213,000), Tennessee ($202,000), and Ohio ($162,000).

The number of top 40 largest metros also experienced a drop in new peaks, with only 11 of the top 40 hitting new marks. San Jose continues to grow with an HPI value of $1.03 million and a 15 percent growth compared to last year, while Seattle and Las Vegas home prices are up 14 and 11.57 percent respectively compared to the same time in 2016. Out of the top ten metros, Kennewick, Washington lead the way at 1.99 percent in home price growth. All top ten metros experienced a growth of 1.1 percent or more, according to Black Knight.

The full report can be viewed here.

About Author: Dean Terrell

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