Black Knight: January Home Prices Flat

Black Knight Financial Services, Jacksonville, Fla., reported a very slight increase in U.S. home prices in January, rising by just 0.1 percent in December and slowing to a 5.3 percent yearly pace.

At $253,000, Black Knight said the national Home Price Index is now just 5.4 percent off its June 2006 peak ($267,000). Home prices have risen by 26.7 percent since bottoming out in 2012.

New York again led gains among the states with 0.9 percent month-over-month appreciation, while Illinois saw the most negative movement at -0.4 percent. Among the nation’s largest states, New York ($351,000) and Texas ($217,000) hit new peaks.

At the metro level, Florida and Pennsylvania accounted for nine of the top 10 best performing metropolitan areas, with Port St. Lucie, Fla., Naples, Fla., and Lebanon, Pa. leading with 0.9 percent appreciation from December. California accounted for half of the 10 worst performing metro areas, with Bakersfield home prices showing the largest monthly drop at 0.9 percent.

The report noted that while Las Vegas home prices have jumped by 62 percent from market bottom in 2012, they remain 37.3 percent off their May 2006 peak.

Black Knight said of the nation’s 40 largest metros, 9 hit new peaks: Austin, Texas ($287,000); Dallas ($220,000); Denver ($327,000); Houston ($220,000); Kansas City, Mo. ($173,000); Nashville ($222,000); Portland, Ore. ($326,000); San Francisco ($728,000); and San Jose, Calif. ($867,000).