Black Knight: Home Prices Flatten

U.S. home prices rose by just 0.1 percent in November, reported Black Knight Financial Services, Jacksonville, Fla.

Black Knight said its Home Price Index showed the average U.S. home price at $253,000, virtually unchanged from October, but up by 5.5 percent on a year over year basis. This is 27 percent higher from its 2012 bottom and 5.4 percent off of its June 2006 peak ($268,000).

For the fifth straight month, New York led gains among the states, seeing 1.2 percent month-over-month appreciation, with home prices averaging $357,000). New York accounted for five of the top 10 best-performing metro areas in November, with New York City leading at 1.0 percent month over month growth.

On the flip side, Ohio and Connecticut topped the list of 10 most negative price movements among the states, with home prices falling by 0.4 percent from October in each state. California home prices declined for the second straight month, though seasonally adjusted numbers suggested continued but slowing growth.

In addition to New York, Tennessee ($179,000) and Texas ($216,000) also hit new peaks in November. Of the nation’s 40 largest metros, seven hit new peaks: Austin ($286,000), Dallas ($221,000), Denver ($329,000), Houston ($220,000), Nashville ($222,000), Portland, Ore, ($324,000) and San Antonio ($195,000).