The Data and Analytics department of Black Knight Financial Services, Inc. recently released its Home Price Index (HPI) report for November, which examines real estate transactions which occurred during the month.
According to the report, U.S. home prices saw a 0.2 percent increase on a national level and a 5.7 percent year-over-year increase. November marks the 55th consecutive month of increasing annual home prices. The report notes that U.S. home prices are just 0.3 percent shy of hitting a new national high.
The Black Knight HPI examines repeat sales data from the largest public records data set in the United States. The report also uses Black Knight’s own loan-level mortgage performance data. Both of these sets of data are combined to produce one of the most comprehensive and accurate assessment of home pricing data available.
The report covers 90 percent of U.S. residential properties in both disclosure and non-disclosure states to provide critical valuation data regarding transactions that occurred throughout the month. Non-disclosure states do not provide data to the public concerning property sales price information, but Black Knight is able to obtain this data by combining and matching data retrieved from its own records.
The report notes that, although data sets are available to represent seasonally-adjusted figures, all the information provided in the report has not undergone any seasonal adjustment.
New York saw the largest increase in monthly home price appreciation with a 1.4 percent monthly increase and a 6.5 percent year-over-year increase. November was the fifth consecutive month where the region led the nation in home price increases.
Of the largest 40 metros, St. Louis, Missouri was the only region which experienced a contraction in year-to-date home prices through November.
The November HPI value of $267,000 represents a 33.7 percent increase from the market low encountered in January 2012.