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Home Prices Edge Up in July

prices-upBlack Knight Financial Services' Data and Analytics division released its July 2015 Home Price Index (HPI) report, finding that U.S. home prices were up 0.4 percent for the month, and have gained 5.3 percent from one year ago.

As the job market improves and demand rises, home prices continued to increase in July in comparison to June.

The report found that the national HPI of $253,000 is now just 5.5 percent off its June 2006 peak of $268,000. In addition, the HPI is up over 27 percent from the market's bottom in January 2012.

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Leading the gains among the states is New York with 1.4 percent month-over-month appreciation. Wrapping up the top five states with the largest monthly HPI changes are Hawaii (0.8 percent); Florida (0.8 percent); Ohio (0.7 percent); and Oregon (0.7 percent).

Only two states reported negative appreciation in home prices: Missouri (-0.1 percent) and Virginia (-0.2 percent). Following these states are Iowa (0.0 percent), Arizona (0.1 percent), and North Carolina (0.1 percent).

Among all the nation’s metros tracked by the Black Knight HPI, Janesville, WI and Palm Bay, FL saw the greatest monthly appreciation, rising 1.4 percent each from June.

For the second consecutive month, Indiana ($148,000), New York ($351,000), Tennessee ($176,000), and Texas ($213,000) all hit new peaks in July.

On Tuesday, the Federal Housing Finance Agency's monthly House Price Index (HPI) found that house prices climbed 0.6 percent in July, but the previously reported 0.2 percent change in June remains the same.

Year-over-year, from July 2014 to July 2015, home prices increased 5.8 percent, the FHFA found. The index is 1.1 percent below the peak reached in March 2007 peak and is about the same as the November 2006 index level.

Earlier this month, CoreLogic reported that low mortgage rates and stronger consumer confidence are driving home sales and home prices upward, according to the company's July 2015 Home Price Index (HPI) Report.

The report found that home prices, including distressed sales, rose 6.9 percent year-over-year in July. Home prices rose 6.7 percent excluding distressed sales.

"Low mortgage rates and stronger consumer confidence are supporting a resurgence in home sales of late," said Anand Nallathambi, president and CEO of CoreLogic. "Adding to overall housing demand is the benefit of a better labor market which has provided millennials the financial independence to form new households and escape ever-risings rental costs."

Click here to view Black Knight's Home Price Index report.

About Author: Xhevrije West

Xhevrije West is a writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University.
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