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Home Prices Push Up, Remain 14% Down from Peak

Home prices edged up again in November as markets across the nation climbed a little closer to their pre-crash peaks—and others pushed up past them.

The latest Home Price Index (HPI) report from Black Knight Financial Services (BKFS) shows prices rising in November to a national index value of $232,000, up 0.3 percent from October. Compared to November 2012, the recent index was up 8.5 percent.

Nationally, home prices remained down 13.9 percent compared to their peak of $270,000 in 2006.

At the state level, Florida experienced the biggest increase at 1.0; the Sunshine State also dominated at the local level, accounting for nine of the top 10 markets for appreciation (with Miami leading at 1.4 percent). The only non-Florida market in the top 10 was New York City (+1.0 percent).

New York, New Jersey, the District of Columbia, and Illinois all came in second to Florida in terms of price increases. All four states reported gains of 0.7 percent.

Tennessee gave the worst performance in November, posting a loss of 0.4 percent. Oklahoma and New Hampshire followed with -0.3 percent monthly price changes.

Also coming out strong were Texas and Colorado, which climbed to $186,000 and $257,000, respectively—well above the levels they experienced during last decade’s bubble.

BKFS’ report came a day before the scheduled release of the S&P/Case-Shiller Indices for November. Economists surveyed by Bloomberg anticipate that report will show monthly and yearly increases of 0.8 percent and 13.7 percent, respectively.

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