U.S. home prices increased 0.3%, on an adjusted basis, in August compared with July and increased 5.3% compared with August 2015, according to Black Knight Financial Services’ home price index report.
The average price for a home was $266,000. Not only did this set a new national peak, but it is also up more than 33% compared with the market’s bottom in July 2012.
For comparison purposes, the average home price hit a peak of $268,000 in June 2006.
New York, once again, led home price gains among the states in August. It included nine of the 10 best-performing metro areas.
Nine states saw negative monthly price movement, led by South Carolina, North Dakota, Virginia, Connecticut and Missouri – all down 0.3% from July.
Home prices in nine of the nation’s 20 largest states and nine of the 40 largest metros hit new peaks, according to the report, which covers 18,000-plus ZIP codes and includes sales of real estate owned properties.