Black Knight: U.S. Home Prices Rose 0.8% In June

Posted by Patrick Barnard on August 25, 2014 No Comments
Categories : Residential Mortgage

U.S. home prices crept up 0.8% in June, compared to May, and were up 5.5% compared to June 2013, according to Black Knight's Home Price Index Report (HPI), which is based on data flowing through the firm's loan origination platform.

Although the rate of appreciation continued to slow in June, the 20 largest states and 40 largest metros once again showed month-over-month growth in home prices, according to the report.

States that saw the biggest gains in home price appreciation in June included Nevada (1.4%), Michigan (1.3%), Rhode Island (1.2%), Colorado (1.2%) and Massachusetts (1.2%).

Cities that saw the biggest gains included Reno, Nev. (1.9%); New Haven, Conn. (1.5%); Greeley, Colo. (1.5%); Norwich, Conn. (1.4%); and Detroit (1.4%).

The Black Knight HPI represents the price of non-distressed sales by taking into account price discounts for real estate owned and short sales.

The average price for a home in the U.S. as of June was $241,000, compared to $231,000 in May and $228,000 in June 2013.

Despite the steady increase in home values in 2014, they remain, on average, 10.4% below the peak seen in June 2006, according to Black Knight.

Earlier this month, CoreLogic released its HPI report, which uses a different methodology, showing that U.S. home prices rose 1.0% in June compared to May and were up 7.5% compared to June 2013.

The CoreLogic HPI shows that U.S. home prices remained, on average, about 12.9% below their peak in April 2006.

Home prices are forecast to rise slowly but steadily for the remainder of this year.

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