Black Knight: Home Prices Inched Down In December

Posted by Patrick Barnard on March 02, 2015 No Comments
Categories : Residential Mortgage

U.S. home prices inched down 0.1% in December compared to November but were up 4.5% compared to December 2013, according to Black Knight Financial Services' Home Price Index (HPI).

The average price for a single family home, as of December, was $241,000, up from $231,000 in December 2013 but down from $268,000 in June 2006 – the peak prior to the economic downturn that began in 2008.

States that saw the biggest increase in home price appreciation in December included New York (0.5%), Colorado (0.5%), Oregon (0.3%), Florida (0.3%) and Oklahoma (0.3%).

States that saw the lowest rate of appreciation in December included Michigan (-1.2%), Connecticut (-1.1%), Vermont (-0.8%), New Hampshire (-0.6%) and Pennsylvania (-0.6%).

Metropolitan areas that saw the greatest rate of home price appreciation in December included Cape Coral, Fla. (0.9%); Denver (0.7%); The Villages, Fla. (0.7%); Sarasota, Fla. (0.7%); and Naples, Fla. (0.7%).

Metropolitan areas that saw the lowest rate of appreciation included New Haven, Conn. (-1.5%); Detroit (-1.5%); Hartford (-1.1%); Norwich, Conn. (-1.1%); and Ann Arbor, Mich. (-1.0%).

Black Knight notes that New York and Colorado saw increases despite winter's seasonal effects. What's more, New York ended 2014 just 0.6% off its pre-crisis peak. Arizona and Florida, however, remain about 30% off their pre-crisis peaks.

Black Knight's (HPI) report is based on data derived from transactions flowing through its mortgage software platform. Covering more than 18,500 ZIP codes, the report represents the price of non-distressed sales by taking into account price discounts for REO and short sales.

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