Black Knight: Home Price Gains Show New Strength

Black Knight Financial Services, Jacksonville, Fla., said U.S. home prices continued to display strength amid tighter inventories, rising by 0.7 percent in February from January and rising by 5.3 percent from a year ago.

The company’s monthly Home Price Index report said national home prices are now 27.5 percent above where they were at the bottom of the market in 2012. At $254,000, the national level HPI is now just 5 percent off its June 2006 peak ($267,000).

The report noted strong upward monthly price movement in many states and metro areas in February. California, Colorado and Washington showed particular strength, with multiple metros in each of these states among the month’s best performing areas. Washington led all states with 1.8 percent appreciation from January, followed by Colorado (1.7 percent); Oregon (1.3 percent), California (1.3 percent) and Hawaii (1.2 percent).

San Jose led metro areas with 2.4 percent growth from January, followed by Seattle (2.1 percent). San Francisco and Denver each saw 2 percent monthly appreciation.

Black Knight said only Connecticut, Rhode Island and New saw negative price movement in February, and together accounted for seven of the 10 worst-performing metro areas

Among the nation’s 20 largest states, three hit new peaks: New York ($353,000); Tennessee ($179,000) and Texas ($218,000). Of the nation’s 40 largest metros, 10 hit new peaks: Austin, Texas ($291,000); Dallas ($224,000); Denver ($339,000); Houston ($223,000); Kansas City ($174,000); Nashville, Tenn. ($224,000); Portland, Ore. ($332,000); San Antonio ($195,000); San Francisco ($745,000); and San Jose ($891,000).