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Home Prices Rise Up in July

House fo Sale Two BHThe Data & Analytics division of Black Knight Financial Services, Inc. recently released its latest Home Price Index (HPI) report, based on July 2016 residential real estate transactions.

The Black Knight HPI utilizes repeat sales data from the nation’s largest public records data set, as well as its market-leading, loan-level mortgage performance data, to produce one of the most complete and accurate measures of home prices available for both disclosure and non-disclosure states.

Non-disclosure states do not include property sales price information as part of their publicly available county recorder data. Black Knight is able to obtain the sales price information for these states by combining and matching records across its unique data assets.

The report states that U.S. home prices are up 0.4 percent for the month as well as up 5.3 percent year-over-year. At $266,000, the U.S. HPI has risen over 33 percent from the market’s bottom and is now within just 0.8 percent of a new national peak.

Specifically New York and Minnesota led home price gains among the states, seeing 1.1 and 1 percent growth for the month, respectively, while Missouri was the only state to see home prices decline. This rate fell 0.1 percent.

The report also states that Albany, Oregon, led metro-area growth at 1.3 percent appreciation. In contrast, New York state metro areas reportedly accounted for six of the top 10 biggest monthly movers.

Black Knight reports that San Jose, California continued to back away from its May 2016 peak, with prices falling another 0.5 percent in July.

Home prices in Portland, Oregon saw the fastest rate of appreciation among the 40 largest metros, and Seattle increased over 10 percent since the start of the year. Additionally, home prices in nine of the nation’s 20 largest states and 14 of the 40 largest metros hit new peaks in July.

The report states that each month the Black Knight HPI reports five price levels (quintiles), along with REO discount rates, for 18,000+ U.S. ZIP codes. Findings are available with or without seasonal adjustments, although all numbers that follow have not been seasonally adjusted.

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