Although the S&P/Case-Shiller Home Price Indices released on Tuesday show that U.S. home prices had increased 13.7%, on average, from November 2012 to November 2013, Black Knight Financial Services provided a more conservative figure of 8.5% in its monthly home price index (HPI) report.
It should be noted, however, that the two reports use different methodologies.
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 for each of more than 18,500 U.S. ZIP codes – while the S&P/Case-Shiller HPI is based on activity recorded in the 20 largest U.S. cities.
According to the Black Knight HPI, home prices increased 0.3% in November compared to October. The average home price was $232,000 – unchanged from October.
Still, the report notes that home prices are down 13.9% compared to their June 2006 peak, when the average price of a home was $270,000.
States that saw the biggest month-over-month change in home prices in November included California (down 0.2%), Florida, (up 1.0%), New Jersey (up 0.7%), New York (up 0.7%) and Texas (up 0.3%). Cities that saw the biggest month-over-month change included Chicago (up 0.8%), Dallas (up 0.2%), Los Angeles (down 0.3%), New York (up 1.0%) and Washington, D.C. (up 0.3%).
States that saw the biggest month-over-month increases in home prices in November were Florida (1.0%), New York (0.7%), New Jersey (0.7%), Washington, D.C. (0.7%) and Illinois (0.7%).
The report notes that Las Vegas home prices in November were up nearly 24% year-over-year, but still 44% below their June 2006 peak.
To download a copy of the report, click here.