Black Knight: June Home Prices Up Nearly 1%

Black Knight Financial Services, Jacksonville, Fla., said home prices rose by 0.9 percent in June to a year over year rate of 5.1 percent.

The company’s Home Price Index report said home prices have risen by 4,9 percent since January and have risen by 26 percent since bottoming out in 2012. At an average price of $252,000, the national Home Price Index is now less than 6 percent off its June 2006 peak ($268,000).

The report said all 49 states and the District of Columbia saw price improvements, with only West Virginia registering flat (0.0%) growth. Michigan led gains among states, seeing 1.9 percent month-over-month appreciation, followed by Colorado at 1.4 percent.

The report noted Indiana, New York, Tennessee and Texas all hit new peaks in June, while California home prices have risen more than 50 percent since the 2012 bottoming-out. Among the nation’s largest states, Arizona and Michigan follow with 39 percent growth from the trough.

Among U.S. metros tracked by Black Knight, Reno, Nev., saw the greatest monthly appreciation at 2.6 percent, while Sierra Vista, Ariz., was the only metro area to mark negative month-over-month movement, with home prices there declining 0.1 percent from May.

Black Knight said home prices in San Francisco and San Jose are more than 70 percent higher than at market bottom; Las Vegas home prices, while up nearly 60 percent from the national trough, are still nearly 40 percent off their May 2006 peak.

The report said of the nation’s 40 largest metros, 13 hit new peaks in June: Austin, Texas ($282,000); Boston ($406,000); Columbus, Ohio ($185,000); Dallas ($215,000); Denver ($323,000); Houston ($218,000); Kansas City, Mo. ($173,000); Nashville, Tenn. ($217,000); Pittsburgh ($187,000); Portland Ore. ($310,000); San Antonio ($193,000); San Francisco ($715,000); and San Jose, Calif. ($862,000).