Home Prices Now 10.2% from 2006 Peak with Slowing Appreciation

Home price appreciation continues to slow across the country, registering a 0.2 percent increase over the month of July, according to Black Knight Financial Services. The firm's home price index stands at $241,000 as of the end of July.

Prices have risen 5.1 percent over the year and are now 10.2 percent below their 2006 peak nationally, according to Black Knight Financial Services.

Michigan charted the biggest price increase in July with prices rising 0.9 percent, while Massachusetts experienced the largest decline in prices, a 0.5 percent decline.

Other states at the top of the list for price increases in July include Ohio, Idaho, South Carolina, and Montana. Home prices rose 0.6 percent in all these states in July.

At the bottom of the list, following Massachusetts, was Vermont with a 0.4 percent price decline and Hawaii, Pennsylvania, and Arizona with identical price declines of 0.3 percent in July.

Of the metro areas observed, Detroit and Myrtle Beach, South Carolina, experienced the largest price increases in July. Home prices in both metros rose 1.1 percent.

Next in line were Greeley, Colorado (1 percent); Bend Oregon (0.9 percent); Akron, Ohio (0.8 percent); Toledo, Ohio (0.8 percent); and Cleveland, Ohio (0.8 percent).

In Ocean City, New Jersey, prices fell just as much as they rose in Detroit and Myrtle Beach—1.1 percent over the month.

The other metros with the most significant price declines in July were Torrington, Connecticut (-0.8 percent); Barnstable, Massachusetts (-0.6 percent); and Allentown,  Pennsylvania (-0.6 percent).

Black Knight Financial Services observes home prices in more than 18,500 ZIP codes each month, accounting for REO and short sale discounts in order to present a home price index that reflex non-distressed sales.