Black Knight: HPI Indicates Rising Home Prices, Up Year Over Year

Posted by Amanda Fava on June 27, 2017 No Comments
Categories : Residential Mortgage

Black Knight Financial Services’ Home Price Index (HPI) was at its highest-ever level in April 2017, at $275,000, representing a 3.6% increase in the average national home price since the beginning of this year.

Washington continues to outperform the nation, leading all states in monthly appreciation for the third consecutive month and with the Seattle metro area seeing an 8.4% gain in home prices since the start of 2017.

Seattle and Bellingham, Wash. – along with Carson City, Nev. – led all metropolitan areas, with 2.3% monthly appreciation; Washington state accounted for five of the nation’s top 10 best-performing metros, the HPI finds. Tuscaloosa, Ala., was the only metro area to see a decline, with prices falling another 5.1% in its fifth consecutive month, marking the country’s worst-performing metropolitan area.

All of the nation’s 20 largest states and 40 largest metros saw home prices increase in April, while each of the top 10 best-performing metros saw home prices increase by 2.0% or more. Home prices in nine of the nation’s 20 largest states and 18 of the 40 largest metros hit new peaks in April, the report shows.

The largest states’ (by population) HPI changes from March include California at 1.0%; Texas at 1.3%; Florida at 0.8%; New York at 1.5%; Illinois at 0.9%; Pennsylvania at 1.1%; Ohio at 1.6%; Georgia at 1.5%; North Carolina at 0.8%; and Michigan at 1.8%.

The largest metros’ HPI changes from March include New York at 1.8%; Los Angeles at 1.0%; Chicago at 0.9%; Dallas at 1.6%; Houston at 0.8%; Philadelphia at 1.3%; Washington, D.C., at 1.0%; Miami at 0.4%; Atlanta at 1.7%; and Boston at 1.5%.

The top 10 states with the largest changes in the HPI are as follows: Washington (2.1%), Oregon (1.9%), New Jersey (1.8%), Nevada (1.8%), Montana (1.8%), Michigan (1.8%), Alaska (1.6%), Idaho (1.6%), Ohio (1.6%), and Utah (1.6%).

The top 10 metro areas with the largest changes in the HPI are as follows: Seattle (2.3%); Bellingham (2.3%); Carson City (2.3%); Walla Walla, Wash. (2.1%); Mount Vernon, Wash. (2.1%); Spokane, Wash. (2.0%); Reno, Nev. (2.0%); Salem, Ore. (2.0%); Grants Pass, Ore. (2.0%); and Detroit (2.0%).

The U.S. HPI stands at $275,000, representing a 1.2% change from March, a 6.0% change from last year and a 0.0% change from its peak.

To view the full HPI report, click here.

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