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Several Cities Experience New Peaks in HPI

Black Knight released its latest Home Price Index Monday, showing August’s residential estate transaction data.

U.S. homes prices have peaked yet again at $282,000 in August and while this is the 64th month of consecutive increases, monthly appreciation is slowing down, with prices rising only 0.24 percent month-to-month, according to Black Knight. The rate of monthly appreciation was double that in July, making this the fifth consecutive month of slowing growth.  

By state, New York took the lead in monthly home price appreciation, showing a 1.58 percent increase in August, followed by Nevada at 1.04 percent and Vermont at 1.03 percent. Among the 20 largest states, 10 reached new peaks of home price and only Georgia, Maryland, and Virginia saw slight home price decreases at 0.17, 0.05, and 0.23 percent respectively.

Of the 40 largest metros recorded by Black Knight, 12 saw slight declines, with Denver having the largest decline at 0.32 percent. Seattle’s home prices rose 12.02 percent in 2017 and 14 percent compared to 2016.

Compared to the same time last year, home prices have increased 6 percent and the annual rate of appreciation remains solid at 6.24 percent.

Black Knight’s HPI covers nearly 90 percent of U.S. residential properties at the zip-code level in disclosure and nondisclosure states and is taken from the nation’s largest public records data set. The numbers noted in this report are not seasonally-adjusted.

To read more details and view Black Knight’s full list of visual data, click here.

About Author: Dean Terrell

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