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Home prices have been consistently rising for the last few years and although the pace has slowed, they are still ticking upward in these 10 housing markets.
U.S. home prices rose marginally by 0.7 percent in February and 5.3 percent year-over-year, according to Black Knight Financial Services' Data and Analytics' February 2016 Home Price Index (HPI) report.
The HPI reached $254,000 in February 2016 and is now only 5 percent off its June 2006 peak of $267,000. In addition, the index is up 27.5 percent from the housing market’s bottom in January 2012.
Among all states in the U.S., Washington (1.8 percent), Colorado (1.7 percent), and Oregon (1.3 percent) demonstrated the strong upward monthly price movement, Black Knight reported. Meanwhile, on the weak end of the spectrum in terms of price appreciation, Connecticut (-0.4 percent), Rhode Island (-0.2 percent), and New Jersey (-0.2 percent) were the only states that experienced negative price movement.
Black Knight's Top 10 Home Price Movers (Monthly, State-Level):
- Washington 1.8 percent
- Colorado 1.7 percent
- Oregon 1.3 percent
- California 1.3 percent
- Hawaii 1.2 percent
- Tennessee 1.2 percent
- Idaho 1.1 percent
- Utah 1.1 percent
- New Mexico 0.9 percent
- Alabama 0.9 percent
San Jose, California led metro areas with 2.4 percent in home price growth from January, followed by Seattle, Washington at 2.1 percent and Sana Francisco, California at 2.0 percent. On the other hand, Atlantic City, New Jersey (-0.1 percent), New Haven, Connecticut (-0.7 percent), and Ocean City, New Jersey (-0.5 percent) saw the most negative home price appreciation.
Black Knight found that of the 20 largest states tracked in the report, home prices in New York ($353,000), Tennessee ($179,000), and Texas ($218,000) all hit new peaks in February. Of the nation’s 40 largest metros, 10 hit new peaks–Austin, Texas; Dallas, Texas; Denver, Colorado; Houston, Texas; Kansas City, Missouri; Nashville, Tennessee; Portland, Oregon; San Antonio, Texas; San Francisco, California; and San Jose, California.
Click here to view the full report.
