Black Knight Financial Services released its Home Price Index, noting home prices in the U.S. rose 0.7 percent for the month of February to an average of $233,000. The slight increase for the month reflects an overall yearly increase of 7.6 percent, according to the financial company. Home prices in February were 13.5 percent below the June 2006 peak. Black Knight's analysis validates previous reports from the FHFA, which reported home prices rising 6.9 percent year-over-year in February.
States with the largest changes from last month include Oregon, Washington, California, Nevada, and Hawaii. California metros experienced large gains month-over month, with eight of the top ten metros for growth residing in the Golden State. HPI increased the most in San Jose at 2. 6 percent; San Francisco at 2.2 percent; and Santa Rosa at 1.8 percent. Colorado and Texas each reached new price peaks in February, jumping to $259,000 and $188,000, respectively.
Following months of stagnancy, the National Association of Realtors measure of pending home sales rose in March. According to the latest Pending Home Sales Index, the group found that home sales rose to 97.4 percent last month, up 3.4 percent from February's upwardly revised 94.2. It was the first real pickup in the last nine months, the association said. It remains to be seen whether the latest report—which is based on contract signings, not closings—will translate to a substantial increase in final sales figures over the remainder of spring.