U.S. home prices remained relatively flat during January, compared to December, but were up about 8% compared to January 2013, according to Black Knight Financial Services' home price index (HPI) report.
The average price of a home in the U.S. remained the same as it was in December – $232,000 – according to the report. The rise in home prices in previous months means the average is now within 14% of the June 2006 peak average prices of $270,000.
States that saw the biggest increases in home values during January included New York (0.6%), New Jersey (0.5%), Nevada (0.4%), Pennsylvania (0.4%) and Georgia (0.4%).
States that saw the biggest declines in home values in January included Ohio (down 0.9%), Illinois (down 0.7%), Tennessee (down 0.6%), Minnesota (down 0.6%) and Kentucky (down 0.6%).
Cities that saw the biggest increases in home values included San Jose, Calif. (0.9%); Santa Rosa, Calif. (0.8%); Oxnard, Calif. (0.7%); New York (0.7%); and San Francisco (0.7%).
Cities that saw the biggest decreases in home values included Cleveland (down 1.1%); Tampa, Fla. (down 1.0%); Pensacola, Fla. (down 0.9%); Akron, Ohio (down 0.8%); and Jacksonville, Fla. (0.8%).
The Black Knight 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 U.S. ZIP codes. The HPI represents the price of non-distressed sales by taking into account price discounts for real estate owned (REO) and short sales.
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