After the 59th straight month of appreciation, home prices have hit another peak, according to the latest Home Price Index (HPI) report released by Black Knight Financial Services on Tuesday. The national HPI now sits at $272,000.
Home prices also hit new peaks in eight states, including Indiana ($151,000), Massachusetts ($381,000), New York ($371,000), North Carolina ($207,000), Pennsylvania ($222,000), Tennessee ($194,000), Texas ($234,000), and Washington ($360,000). Prices hit new peaks in 15 major metro markets, too, including Boston, Dallas, Houston, Los Angeles, San Francisco, Seattle, and more.
Since the start of 2017, home prices have jumped 2.3 percent. Between February and March, they rose 1.3 percent, and over the year, they grew almost 6 percent.
At a state level, Washington had the biggest jump in prices, with a 2.2 percent rise over February. It was the second consecutive month the West Coast state took the top spot. Nebraska also saw big growth, with prices rising 1.9 percent, while Michigan, Oregon, Georgia, Colorado, and Illinois came in at No. 3, all up 1.7 percent over the month.
Though no states saw prices drop for the month of March, West Virginia was the lone state to see prices remain steady.
San Jose, California, was the metro with the biggest price jump for March, rising 2.6 percent. At No. 2 was Seattle, which saw prices up 2.4 percent over the month. Though not in the top XX for appreciation, Los Angeles did hit a new peak; its prices have risen more than 60 percent since bottoming out during the crisis.
For 2017 year-to-date, San Jose also notched a top spot, with a 6.4 percent appreciation rate. San Francisco and Seattle came in at No. 2 and 3, rising 5 percent and 5.9 percent, respectively.
The market is heading in the opposite direction in Tuscaloosa, Alabama, where prices dropped 4.5 percent in March, following their 4.7 percent decrease in February. The city has seen a 17-percent dip in home prices since the start of the year and has been the country’s worst performing metro for the past four months.
View the full report at BKFS.com.