Black Knight: Home Price Appreciation Slowed More In August

Posted by Patrick Barnard on October 26, 2015 No Comments
Categories : Residential Mortgage

U.S. home prices increased 0.3% in August compared with July and increased 5.5% compared with August 2014, according to Black Knight Financial Services' home price index (HPI) report.

The average price for a single family home was about $253,000 – which is about 5.3% off June 2006 peak of $268,000 and up 27% from the market's bottom in January 2012.

States that saw the most appreciation in home prices in August compared with July included New York (1.8%), New Hampshire (0.7%), Texas (0.7%), Nevada (0.6%) and Florida (0.6%).

States with the least appreciation (or, in this case, the most depreciation) included Illinois (-0.5%), Virginia (-0.4%), Rhode Island (-0.3%), Missouri (-0.2%) and Connecticut (-0.2%).

Cities that saw the most home price appreciation in August compared with July included Utica, N.Y. (1.9%); Glens Falls, N.Y. (1.9%); Watertown, N.Y. (1.9%); Binghamton, N.Y. (1.8%); and Syracuse, N.Y. (1.7%).

Cities that saw the least home price appreciation included Decatur, Ill. (-0.9%); Peoria, Ill. (-0.9%); Kankakee, Ill. (-0.9%); Springfield, Ill. (-0.9%); and Champaign, Ill. (-0.8%).

New York, Tennessee and Texas hit new peaks in August, while Illinois saw the most negative movement and included seven of the 10 worst performing metro areas.

In yet another sign that home price appreciation is slowing, San Jose, Calif., saw a 0.4% month-over-month decrease in home prices after 11 straight months of hitting new peaks.

Black knight's HPI is based on sales data from more than 18,500 U.S. ZIP codes and represents the price of non-distressed sales by taking into account price discounts for real estate owned properties and short sales.

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