Home prices hit a new peak at the end of 2017, marking 68 consecutive months of appreciation according to the latest Home Price Index (HPI) report for December 2017 released by Black Knight on Monday.
The report, which utilizes repeat sales data from the nation’s leading public records data set as well as Black Knight’s loan-level mortgage performance data, covers around 90 percent of U.S. residential properties at the ZIP-code level. The report indicated that U.S. home prices rose 6.62 percent at the end of 2017 and gained 0.1 percent on a month-on-month basis in December.
Among the 40 largest metro areas, San Jose showed the most significant year-end appreciation with HPI value in the tech hub just shy of $1.1 million and a 19.66 percent growth from a year ago. This price rise put home values in the city at 115 percent above where they were at the bottom of the market in 2012.
With a 14.01 percent growth from a year ago, Las Vegas, Nevada came in second, while Seattle, Washington, with a home price growth of 13.58 percent came in a close third for the Top 3 cities that showed maximum price appreciation in 2017.
On a month-over-month basis, 11 of the 40 metros covered by the report hit new price peaks. Led by San Jose, California, they also included San Francisco, California; New York, New York; Seattle Washington; Denver, Colorado; Nashville, Tennessee; Dallas, Texas; Atlanta, Georgia; and Columbus, Ohio.
Though New York led all states in home price appreciation in December, Washington, showed the maximum gain annually, with home prices rising 11.5 percent in the state during the year. California with an increase of 9.08 percent and New York with an annual price increase of 8.96 percent took second and third place respectively.
According to the report, Ohio was the worst performing state in December with home prices falling 1.13 percent and among the seven worst performing states during the year.