Black Knight: Home Prices Just 3% Off 2006 Peak

Black Knight Financial Services, Jacksonville, Fla., said U.S. home prices rose by 1.0 in April from March and by 5.4 percent year-over-year.  

At $260,000, the U.S. Home Price Index is up by 30.4 percent from the market bottom in early 2012 and just 2.9 percent off its June 2006 peak ($268,000).  

The report said 14 of the nation’s 40 largest metropolitan areas hit new peaks in April: Austin, Texas ($299,000); Boston ($419,000); Charlotte, N.C. ($207,000); Dallas ($230,000); Denver ($351,000); Houston ($225,000); Kansas City, Mo. ($180,000); Nashville, Tenn. ($231,000); Pittsburgh ($190,000); Portland, Ore. ($346,000); San Antonio ($200,000); San Francisco ($765,000); San Jose ($921,000); and Seattle ($401,000).  

Black Knight reported for the third consecutive month, Washington led all states with 1.9 percent appreciation, while the Seattle and Walla Walla metro areas each saw 2.0 percent growth. Home prices in Indiana ($148,000), New York ($358,000), Tennessee ($184,000), Texas ($222,000) and Washington ($329,000) all hit new peaks in April.  

The report said every state and metro area tracked by the HPI saw positive growth for the month. Missouri (-0.9 percent) and St. Louis (-4.1 percent) saw the only negative year over year movement among the nation’s 20 largest states and 40 largest metros, respectively.  

San Francisco and San Jose continued to “outperform,” the report said, noting home prices in those markets are currently up more than 82 percent from the market bottom. The report also noted despite climbing by nearly 45 percent and 43 percent from the bottom, Arizona and Florida both remain nearly 24 percent off their respective peaks.  

The report can be accessed at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/HPINow.aspx.