Home Prices Hit Another New Peak

The seemingly nonstop ascension of U.S. home prices continued, albeit at a slower pace, according to the latest Black Knight Home Price Index (HPI) report.

 

The new HPI data covering August found home prices setting a new peak at $282,000, up 0.24 percent from July and up 6.24 percent from one year earlier. However, Black Knight noted that August’s rate of monthly appreciation was less than half that the July rate, marking five consecutive months of slowing growth.

 

Ten of the 20 largest states and 14 of the 40 largest metros recorded new home price peaks in August, a smaller share for each group than in recent months. New York led the states in price appreciation, with home prices up year-over-year by 1.58 percent in August, and the state was home to nine of the 10 best-performing metropolitan areas. Of the 20 largest states, only Georgia, Maryland and Virginia saw prices fall: by -0.17 percent, 0.05 percent and 0.23 percent declines, respectively. Twelve of the nation’s 40 largest metros also saw slight declines, with Denver registering the largest tumble with a 0.32 percent slip. In contrast, Seattle’s home prices were up 14 percent since last year.

---