Black Knight: Home Prices Show Signs of Slowing

Black Knight, Jacksonville, Fla., said home price growth continued to show signs of slowing–at least on a monthly basis.

The company’s monthly Home Price Index reported the rate of monthly appreciation declined again in September, falling by one-third from August and marking the sixth consecutive month of slowing growth. The report said home prices rose by 0.16 percent in September, to a record $282,000 median home price.

On a year over year basis, however, Black Knight said home prices continued to accelerate, at a rate of 6.36 percent.

The report said New York home prices led all states for the third month in a row, seeing a 1.08 percent rise in home prices from August. Half of the nation’s 20 largest states and 17 of the largest metros saw prices fall from last month.

Black Knight said Michigan saw the largest decline of all states at -0.61 percent and the Detroit metro’s -0.58 percent decline led all metros; even so, Detroit home prices have risen by more than 10 percent since the start of 2017.

All of the top 10 best-performing metros saw home prices grow by 1.1 percent or more in September, with Kennewick, Wash., leading the way at 1.99 percent monthly appreciation. San Jose, Calif., continued to show very strong growth, with home prices there up more than 15 percent year-over-year and an HPI value of just over $1.03 million. Seattle and Las Vegas followed, with home prices up 14 and 11.57 percent from this time last year, respectively.

The report said states and metros setting new home price peaks continued to fall, with just six of the 20 largest states and 11 of the 40 largest metros hitting new highs in September.