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Home prices in May saw a 1.1 percent increase from April and a 5.4 percent jump from May 2015, according to the latest Black Knight Home Price Index Report.
Black Knight also reported that at $263,000, its index is just 1.8 percent shy of its June 2006 peak. All 50 states experienced positive year-over-year home price growth in May, with Idaho and North Dakota leading with a 1.9 percent and 1.8 percent increase, respectively. Six states hit home price peaks during May: Indiana ($149,000), Massachusetts ($368,000), New York ($356,000), Tennessee ($186,000), Texas ($225,000) and Washington ($332,000).
Portland, Ore., saw the greatest year-over-year growth among major metro areas with a 13.2 percent spike, followed by Seattle at 11.3 percent and Denver at 11.2 percent. Fifteen metro markets reached new peaks in May, most notably San Jose at $920,000 and San Francisco at $771,000.