Black Knight: Home Prices Hit New Peak, Again

Black Knight Financial Services, Jacksonville, Fla., said U.S. home prices continued their upward trend in March, setting another record.

The company’s Home Price Index reported home prices rose by 1.3 percent from February and by 5.8 percent from a year ago. The National HPI hitting rose to $272,000, breaking its record again from the previous month and marking the 59th consecutive monthly increase.

The report said Washington led all states in appreciation for the second consecutive month, seeing a 2.2 percent gain from February, followed by Nebraska (+1.9 percent) and Michigan, Oregon, Georgia, Colorado and Illinois, all up 1.7 percent. Only West Virginia registered flat home price movement in March; every other state saw prices move upward.

Among the nation’s 20 largest states, eight hit new peaks: Indiana ($151,000); Massachusetts ($381,000); New York ($371,000); North Carolina ($207,000); Pennsylvania ($222,000); Tennessee ($194,000); Texas ($234,000); and Washington ($360,000).

San Jose, Calif. led metropolitan areas with 2.6 percent monthly appreciation, followed by Seattle at 2.4 percent. The top 10 best performing metros all saw monthly price gains of 2 percent or higher. Three cities–San Francisco, Seattle and San Jose–have seen home prices rise by more than 5 percent since the beginning of the year.

On the flip side, Tuscaloosa, Ala., led worst-performing metros for the fourth consecutive month. Home prices there fell by 4.5 percent in March, coming off a 4.7 percent drop in February, and have fallen by 17 percent year to date.

Of the nation’s 40 largest metros, 15 hit new peaks: Austin, Texas ($310,000); Boston ($443,000); Charlotte, N.C. ($221,000); Columbus, Ohio ($189,000); Dallas ($250,000); Denver ($379,000); Houston ($231,000); Kansas City ($192,000); Los Angeles ($633,000); Nashville, Tenn. ($253,000); Portland, Ore.; San Antonio ($211,000); San Francisco ($811,000); San Jose ($968,000); and Seattle ($445,000).