Black Knight: Home Price Acceleration Continues Slowdown

Black Knight Financial Services, Jacksonville, Fla., released its Home Price Index, showing U.S. home prices slowed to just 0.4 percent in July and to 5.3 percent year over year.  

Black Knight said national home prices have risen by 5.3 percent since the beginning of the year and by nearly 27 percent since the bottom of the market at the start of 2012. At $253,000, the national level HPI is now just 5.5 percent off its June 2006 peak of $268,000.  

The report said New York led gains among the states, seeing 1.4 percent month-over-month appreciation, followed by Hawaii and Florida, both of which gained at 0.8 percent from June. New York State metros also accounted for seven of the top 10 best performing metro areas. Only two states experienced negative price movement in July, Missouri (-0.1 percent) and Virginia (-0.2 percent).  

Among the nation’s 20 largest states, four hit new peaks: Indiana ($148,000); New York ($351,000); Tennessee ($176,000) and Texas ($213,000). Washington state home prices rose by 8.4 percent since this time last year, marking the largest year-over-year growth among the 20 largest states.  

Black Knight said of the nation’s 40 largest metros, 12 hit new peaks: Austin, Texas ($283,000); Boston ($406,000); Columbus, Ohio ($187,000); Dallas ($216,000); Denver ($324,000); Houston ($219,000); Nashville ($218,000); Pittsburgh ($190,000); Portland, Ore. ($317,000); San Antonio ($194,000); San Francisco ($717,000); and San Jose ($865,000).  

San Jose and San Francisco saw the largest year-to-date home price growth among the nation’s 40 largest metro areas, rising 12.7 percent and 11 percent, respectively, since the start of 2015. Among all metro areas, Janesville, Wis., and Palm Bay, Fla., saw the greatest monthly appreciation, rising 1.4 percent each from June.

The Standard & Poor’s/Case-Shiller Home Price Indices come out this morning, which are expected to shed additional light on home price volatility.