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Home Prices Up 4 Percent from Last Year

prices-upU.S. home prices for February were up by 4.6 percent year-over-year and 0.7 percent for the month, according to a home price index (HPI) report released by Black Knight Financial Services this morning. This is the largest monthly gain in home prices since June of last year.

The report also revealed that the national HPI level is now just 9.5 percent shy of its all-time high of $268,000--reached in June 2006. The HPI currently sits at $242,000.

On a state-by-state basis, Black Knight’s analysis found that three of the 20 largest states—Colorado, Texas, and New York—hit new peaks in regards to home prices. Colorado actually boasts the largest HPI increase, jumping 9.4 percent since February 2014.

Nine of the country’s 40 largest metros also hit new all-time highs, including Dallas, Denver, Honolulu, Houston, Nashville, San Antonio, and San Jose, California. Las Vegas leads the top metro markets in terms of affordability; its home prices are 41 percent lower than their peak highs of 2006.

The only large states to see declines in housing prices since last year were Connecticut, Massachusetts, New Jersey and Pennsylvania.

Month over month, the highest price increases were seen in Washington, California, Oregon, Colorado, Hawaii, Alaska, Texas, Louisiana and the District of Columbia. The least-affected home prices were found in New York, Maryland, Kentucky, Pennsylvania, Massachusetts, New Hampshire, Rhode Island, Vermont, New Jersey and Connecticut.

Top moving metros month over month included several cities in California--San Jose, San Francisco, Napa, Santa Cruz and Santa Barbara--as well as Seattle, Denver, Portland, Boulder, Colorado, and Cape Coral, Florida. The least-changing metros were primarily located in the Northeast. These included: Providence, Rhode Island; Trenton, New Jersey; Hartford, Connecticut; Ocean City, New Jersey; Springfield, Massachusetts; Norwich, Connecticut; Worcester, Massachusetts; Torrington, Connecticut; Atlantic City, New Jersey; and New Haven, Connecticut.

Black Knight’s monthly HPI uses the company’s property and loan-level databases to analyze sales and home prices for more than 18,500 zip codes in the United States. It takes into account all residential properties, condominiums and single-family houses, as well as price discounts for REOs and short sales.

To see the HPI report, visit BKFS.com.

About Author: Aly J. Yale

Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more.
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