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Home prices reach new peak, NY makes biggest gains

02/27/2018

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According to the most recent Home Price Index (HPI) report from Black Knight, Inc., home prices in December increased .10 percent month-over-month and 6.6 percent year-over-year to $283,000 — the 68th consecutive month of annual home price appreciation, and a new peak for six of the nation’s 20 largest states and 11 of the 40 largest metros.

On the state level, New York led the way with a 1.71 percent month-over-month home price increase followed by Georgia (+0.69 percent), North Carolina (+0.48 percent), Illinois (+0.37 percent) and Texas (+0.15 percent).

Meanwhile, Ohio had the lowest month with a 1.13 percent month-over-month decrease in home prices, and the state had seven of the nation’s 10 worst-performing metros of the month.

On the metro level, 11 of the 40 largest metros hit new home price peaks in December, while prices fell in another 20 metros. New York City came out on top with a 1.25 percent increase from November 2017, and Atlanta (+0.76 percent), Chicago (+0.44 percent), Miami (+0.21 percent), and Dallas (+0.20 percent) rounded out the top five.

Boston, Massachusetts, performed the worst out of the 40 largest metros, with a 0.21 percent month-over-month decrease in home prices.

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Every month, Black Knight, Inc. releases a home price index (HPI), which measures home price changes across the country. Black Knight’s HPI uses repeat sales data from a public records data set as well as Black Knight’s own loan-level mortgage performance data. Non-disclosure states do not include publicly available property sales price information; for these states, Black Knight combines and matches records across its own data assets. The company reports real estate owned (REO) discount rates and five price levels across more than 18,000 ZIP codes. Numbers have not been seasonally adjusted.

Email Marian McPherson

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