Home prices have hit a post-housing crisis high, according to the latest Home Price Index report released by Black Knight Financial Services [1] on Monday. Rising to $268,000, prices jumped 0.8 percent over January and 5.7 percent over the year.
According to the Index, February was the 58th straight month that home prices have risen in the U.S. They surpassed the previous national peak, which was set back in June of 2006.
At the state level, home price appreciation was highest in Washington, which saw prices rise 2.2 percent for the month. Oregon and Colorado followed in price growth, with jumps of 1.5 and 1.6 percent, respectively. New York, Utah, Texas, Idaho, Hawaii, California, and Nevada also made the top 10.
Washington’s largest city—Seattle—reigned supreme in February. It saw a 2.7 percent in home prices—the highest appreciation rate of all metros analyzed.
Seattle aside, Washington state also accounted for five other top-10 appreciation markets for the month, including Bellingham, Walla Walla, Spokane, Yakima, and Wenatchee. Rounding out the top 10 were San Jose, California; Denver; Bellingham; and San Francisco.
The worst performing market was Tuscaloosa, Alabama, which saw home prices drop nearly 5 percent. Atlantic City was the second-worst, with just a 0.5 percent dip—less than an eighth of Tuscaloosa’s decline. Other low-appreciation cities for the month were Davenport, Iowa; Anniston, Alabama; and New Haven, Connecticut.
West Virginia and Connecticut both saw zero price appreciation for February, while Rhode Island and Ohio’s prices rose only 0.1 percent.
A number of states and cities also hit record highs in February. Massachusetts’ prices rose to $377,000, followed by New York ($371,000), North Carolina ($205,000), Tennessee ($191,000), Texas ($232,000), and Washington ($352,000).
Fourteen cities also hit new peaks, including Austin, Texas; Boston; Charlotte, North Carolina; Columbus, Ohio; Dallas; Denver; Houston; Kansas City, Missouri; Nashville; Portland, Oregon; San Antonio; San Francisco; San Jose, California; and Seattle.
Black Knight bases its Home Price Index on sales and mortgage performance data. It is released on a monthly basis. View the full report at BKFS.com. [2]