After hitting a peak in March of 1.3 percent in March, the monthly appreciation rate in July was only 0.5 percent. However, year-over-year growth was up 6.2 percent. And Virginia was the only state where home prices saw a month-over-month decline, albeit a relatively scant 0.2 percent.
New York home prices were the highest among the states at a 1.8 percent monthly acceleration, and the Empire State accounted for nine of the 10 best-performing metropolitan areas. Among the nation’s 40 largest metros, home prices in Virginia Beach, Va., Los Angeles, and Washington, D.C, experienced slight declines, while the home price index for San Jose topped $1 million in July, up 11.1 percent since the start of 2017. In comparison to San Jose’s XXL-sized price tag, the national home price index was only $281,000.