U.S. home prices hit another new peak in March, rising 1.3% compared with February and 5.8% compared with April 2016, according to Black Knight Financial Services’ home price index report.
The average price for a home hit $272,000, up from $268,000 in March, according to the mortgage software firm’s data.
Home prices increased 2.3% since the start of 2017, according to the report.
Regionally, home prices in eight of the nation’s 20 largest states and 15 of the 40 largest metros hit new peaks in March.
States that saw the biggest increases in home price appreciation month over month included Washington (2.2%), Nebraska (1.9%), Michigan (1.7%), Oregon (1.7%) and Georgia (1.7%).
Metros that saw the biggest increases in home price appreciation month over month included San Jose, Calif. (2.6%); Seattle (2.4%); Bellingham, Wash. (2.3%); Walla Walla, Wash. (2.2%); and San Francisco (2.2%).
According to Black Knight, the market in Tuscaloosa, Ala., showed considerable stress in March; prices there fell 4.5%, month over month, and were down 17% compared with March 2016.
It was the fourth consecutive month that Tuscaloosa came in as the worst-performing metropolitan area.