Monthly Home Price Appreciation Slows

Nov 27, 2017

Freddie Mac reported slight upward motion in the Primary Mortgage Market Survey (PMMS) covering the week ending Jan. 31

The go-go housing market started showing signs of go-slow, according to new data from Black Knight Inc.

In its latest data report, Black Knight’s Home Price Index (HPI) was $282,000 for September, up 0.16 percent from August and up 6.36 percent from one year earlier. Half of the nation’s 20 largest states and 17 of the largest metros saw prices fall from last month, the company added, with Michigan recording the greatest decline of all states at -0.61 percent while Detroit led the major metro markets with a -0.58 percent decline from August.

Home price ascension was more limited, with only six of the 20 largest states and 11 of the 40 largest metros hitting new highs in September. However, the top 10 best-performing metros enjoyed home price growth by 1.1 percent or more in September, with Kennewick, Wash., leading the way at 1.99 percent monthly appreciation. The nation’s priciest market, San Jose, Calif., saw home prices up more than 15 percent year-over-year and an HPI value of just over $1.03 million.

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Phil Hall

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Nov 27, 2017

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