Black Knight: U.S. Home Prices Stayed Flat In October

Posted by Patrick Barnard on December 29, 2014 No Comments
Categories : Residential Mortgage

U.S. home prices remained relatively flat in October, rising just 0.1% on average compared to September, according to Black Knight's home price index (HPI) report.

The average home price remained at around $240,000 – same as October – according to the report. Although that is 4.5% above the average price of $230,000 in November 2013, it is 10.2% below the average home price of $268,000 seen at the peak in June 2006.

States that saw the biggest gains in home price appreciation included Montana (0.8%), Texas (0.7%), Utah (0.6%), Wyoming (0.5%) and Colorado (0.5%).

States that saw the biggest declines included Connecticut (-0.9%), Vermont (-0.8%), New Jersey (-0.7%), Illinois (-0.7%) and Maryland (-0.6%).

Cities that saw the biggest gains in home prices in November included Naples, Fla. (0.8%); Greeley, Colo. (0.8%); Houston (0.8%); The Villages, Fla. (0.8%); and Fort Collins, Colo. (0.8%).

Cities that saw the biggest declines in home prices included Santa Rosa, Calif. (-1.3%); Torrington, Conn. (-1.2%); New Haven, Conn. (-1.1%); Bridgeport, Conn. (-1.0%); and Norwich, Conn. (-0.9%).

Earlier this month, CoreLogic released its monthly HPI report, showing that U.S. home prices stayed basically flat in October compared to September.

Home prices rose only 0.5% for the month, according to the CoreLogic report. Year over year, prices were up 6.1%. The CoreLogic report uses a different methodology and includes distressed sales, such as short sales and real estate owned transactions.

The S&P/Case-Shiller HPI for October is scheduled for release Dec. 30.

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