Black Knight: Home Prices Inched Up Slightly In November

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

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

The average price for a home in the U.S. was about $241,000, up from $240,000 in October but down about 10.1% compared to the peak of $268,000 in June 2006.

States that saw the biggest increases in home prices for the month included Montana (0.7%), Texas (0.7%), New Mexico (0.5%), Wyoming (0.5%) and Colorado (0.4%).

States that saw the lowest degree of home price appreciation included Vermont (-0.7%), Michigan (-0.6%), Rhode Island (-0.6%), New Hampshire (-0.5%) and New York (-0.5%).

Cities that saw the biggest increases for the month included Lakeland, Fla. (0.8%); Houston (0.8%); Naples, Fla. (0.8%); Dallas (0.7%); and Port St. Lucie, Fla. (0.7%).

Cities that saw the biggest declines in home price appreciation for November included Detroit (-1.3%); Rochester, N.Y. (-0.8%); Santa Rosa, Calif. (-0.8%); Baltimore (-0.8%); and Torrington, Conn. (-0.8%).

Texas and Colorado continued to outperform most other states, hitting new highs yet again in November, according to Black Knight.

San Francisco and San Jose, Calif., led all U.S. metros in year-over-year growth, the firm says.

Black Knight's HPI combines the company's property and loan-level databases to produce a repeat sales analysis of home prices as of their transaction dates every month for each of more than 18,500 ZIP codes. It represents the price of non-distressed sales by taking into account price discounts for REO and short sales.

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