Black Knight: January Home Prices Up 0.1%

Black Knight Financial Services, Jacksonville, Fla., said U.S. home prices showed a continued patter of incremental monthly gains, rising by 0.1 percent in January and by 5.4 percent year over year.

The company’s Home Price Data Index said New York continued to lead states on a monthly basis, with prices rising 1.3 percent there in January. The New York City area was the month’s best-performing metro, with prices rising 1.3 percent, followed by Seattle and San Jose, each up 0.8 percent from December.

Black Knight said after home prices fell by 3.2 percent last month, Tuscaloosa, Ala., was once again the worst-performing metro area in January; with prices falling another 4 percent in January, Alabama became the worst-performing state for the month.

The report said home prices in three of the nation’s 20 largest states and nine of the 40 largest metros hit new peaks.

Black Knight said the average home price reached $266,000 in January, off by just 0.3 percent from its peak of $268,000 in 2006.

Of the largest states, Black Knight said California home prices rose by 0.4 percent in January; Texas home prices were unchanged; and Florida home prices rose by 0.2 percent. Michigan home prices saw the biggest decline, -0.4 percent.