Home >> Daily Dose >> Home Prices Hit New Peaks
Print This Post Print This Post

Home Prices Hit New Peaks

U.S. home experienced a year-over-year change of 5.7 percent in 2016, according to Black Knight Financial’s Home Price Index (HPI) report released on Monday. In addition, the U.S. HPI for December was $267,000, only a 0.3 percent drop from the market peak of $268,000 in June 2006 and a 33.6 percent increase from the national trough in January 2012.

Black Knight also released data on a state basis. Out of the largest states, which included California, Texas, New York, and Pennsylvania, New York led the charge in HPI increase with a 1.2 percent increase in December, while Michigan fell behind at with a 0.7 percent fall in price. New York also topped the list of largest metros with the most HPI change, with a 1.1 percent increase in New York City. Massachusetts, North Carolina, and Washington, also hit new peaks in December.

Data released on city level by Black Knight shows growth in the Northwest. Seattle; Portland, Oregon; and Denver all experienced home price appreciation rates of 10 percent or higher in 2016. Tuscaloosa, Alabama experienced the most negative movement with home prices dropping 3.2 percent in December. Seven of the 40 metros covered by Black Knight’s data hit new highs: Boston; Charlotte, North Carolina; Columbus, Ohio; Denver; Nashville, Tennessee; Portland, Oregon; and Seattle.

New York outperformed as not only in the "largest state"  category, but is also the home of eight of the top 10 metro-areas with the highest HPI increases month-over-month. Michigan  is home to eight of the bottom 10 metros, with the additional two metros housed in Alabama.

The Black Knight Home Price Index provides valuation data which covers almost 90 percent of U.S. residential properties at the ZIP code level, utilizing sales data from the nation’s largest public records data set. The complete December 2016 report can be found here.

About Author: Staff Writer

x

Check Also

Housing Affordability a Huge Obstacle for Minimum Wage Workers 

A new study has found that the average difference between an affordable monthly housing payment and median gross rent is $533. 

Subscribe to MDaily

MReport is here for you to stay on top of important developments in the mortgage marketplace. To begin receiving each day’s top news, market information, and breaking news updates, absolutely free of cost, simply enter your email address below.