U.S. home prices increased 0.1% in December compared with November and increased 5.7% compared with December 2015, according to Black Knight Financial Services’ Home Price Index (HPI) Report.
The average price for a single-family home in the U.S. was $267,000.
States with the strongest home price appreciation in December included New York, which saw its average home price increase 1.2%, month over month, followed by Washington (0.5%), New Jersey (0.4%), Kansas (0.4%) and Vermont (0.4%).
It was the sixth consecutive month that New York continued to outperform, leading all states in monthly home price appreciation, black Knight says.
Conversely, Michigan saw its prices fall 0.7% in December – the most negative movement among all of the states.
Home prices in four of the nation’s 20 largest states and seven of the 40 largest metros hit new peaks in December.
Black Knight’s HPI reports five price levels (quintiles), along with real estate owned discount rates, for more than 18,000 ZIP codes.