Home prices have been rising steadily since hitting their trough in January 2012, and are up to their pre-crisis peaks in many markets.
According to Black Knight Financial Services’ Home Price Index (HPI) report for September 2016, seven of the nation’s top 40 largest metros reached new peaks in September as prices climbed by 5.4 percent over-the-year up to a nationwide value of $266,000. According to Black Knight, this number is only 0.6 percent off from a new national peak.
Out of the seven metros out of the top 40 that hit new peaks in September, three were located in Texas. The seven were: Austin, Texas (6.6 appreciation from last year, up to $304,000); Boston, Massachusetts (6.0 percent appreciation from last year up to $431,000); Charlotte, North Carolina (7.0 percent appreciation from last year up to $213,000); Dallas, Texas (6.8 percent appreciation from last year up to $239,000); Nashville, Tennessee (9 percent appreciation from last year up to $241,000); San Antonio, Texas (5.2 percent appreciation over-the-year up to $204,000); and Seattle, Washington (11.6 percent appreciation over-the-year up to $413,000).
One market that has lagged in home price recovery, however, is St. Louis, Missouri. St. Louis was the only metro out of the top 40 that experienced a home price decline over-the-year in September, according to Black Knight. The median price fell by 1.9 percent in St. Louis down to $153,000 and is still 18.5 percent lower than the peak price of $188,000 for that market reached in June 2007. In Tampa, Florida, the median home price inched up by 0.6 percent over-the-year up to $205,000 in September, but is still 20 percent below its peak of $256,000 reached in May 2006
Seven states hit new peaks for home prices in September as well, according to Black Knight: Massachusetts, New York, North Carolina, Tennessee, Texas, Washington, and Wisconsin.
Overall, Florida and Washington were the states that dominated the top 10 list of best performing metro areas as far as home prices, placing nine markets in the top 10 between them.
Click here to view the entire Black Knight HPI for September 2016.