Home prices have been consistently rising for the last few years and although the pace has slowed, they are still ticking upward in these 10 housing markets.
Black Knight Financial Services' Data and Analytics division released its January 2016 Home Price Index (HPI) report, finding that U.S. home prices rose marginally by 0.1 percent. Year-over-year home prices are still up 5.3 percent.
The HPI reached $253,000 in January 2016 and is now only 5.5 percent off its June 2006 peak of $267,000. In addition, the index is up 26.7 percent from the housing market’s bottom in January 2012.
New York led the home price gains among the states in January, rising 0.9 percent from the previous month, the report found.
Black Knight's Top 10 Home Price Movers (State-Level):
- New York 0.9 percent
- Pennsylvania 0.7 percent
- West Virginia 0.5 percent
- Oklahoma 0.4 percent
- Kentucky 0.4 percent
- Maine 0.4 percent
- Mississippi 0.4 percent
- Kansas 0.4 percent
- Washington 0.3 percent
- Colorado 0.3 percent
Black Knight reported that Illinois saw the most negative home price appreciation, with home prices declining 0.4 percent from the previous month. Wrapping up the bottom ten states were: North Dakota (-0.3 percent), Indiana (-0.3 percent), Wisconsin (-0.3 percent), Tennessee (-0.2 percent), Delaware (-0.2 percent), Maryland (0.2 percent), Iowa (-0.2 percent), New Mexico (-0.1 percent), and Michigan (-0.1 percent).
Florida and Pennsylvania metros accounted for nine of the top 10 best performing metro areas, with Port St. Lucie, Florida, Naples, Florida, and Lebanon, Pennsylvania leading at 0.9 percent appreciation from December, the report said. On the other hand, California accounted for five of the 10 worst performing metro areas, with Bakersfield home prices seeing the largest monthly drop at 0.9 percent.
Of the 20 largest states tracked by Black Knight, New York and Texas both hit new peaks again in January, at $351,000 and $217,000, respectively. Of the nation’s 40 largest metros, 9 hit new peaks: Austin, Texas ($288,000); Dallas, Texas ($222,000); Denver, Colorado ($331,000); Houston, Texas ($221,000); Kansas City, Missouri ($173,000); Nashville, Tennessee ($222,000); Portland, Oregon ($326,000); San Francisco, California ($728,000); and San Jose, California ($867,000).
Click here to view the full report.