Home price gains skidded to a stop in September, putting a period on what had already been a slow third quarter for growth.
Based on transaction data throughout the month, Black Knight Financial Services [1]' Home Price Index (HPI) recorded a 0.01 percent month-over-month decline, keeping it nearly flat at $241,000.
The drop follows meager increases of 0.2 percent and 0.1 percent in July and August, respectively. Throughout the entire third quarter, the index remained unchanged from its rounded-off total of $241,000.
Annually, the index improved 4.6 percent compared to last September. With the latest change, Black Knight says prices are 10.2 percent off their peak from June 2006, a slightly bigger gap compared to August.
Half of the 20 largest states tracked in Black Knight's report posted monthly price declines in September, led by a 0.6 percent drop in Connecticut. Adding in the remaining states, Missouri and Vermont also tied for the biggest decreases at -0.6 percent.
The biggest increase of the month was in Georgia, which saw a 0.9 percent improvement from August. The state's Atlanta metro ranked second on the list of top-growing markets, coming in just under Naples, Florida, at 1.0 percent.
Year-to-date, Colorado led the 20 largest states for growth, posting 6.9 percent appreciation through the end of the third quarter. Colorado is also one of a small handful of states where prices have surpassed their previous peaks from the height of the bubble.