
Black Knight: Home Prices Peak Again, Albeit at Slower Pace
Black Knight, Jacksonville, Fla., said home prices set another record in August, although at half the pace from July and at a slower pace for the fifth straight month.
The company’s monthly Home Price Index said home prices rose by 0.24 percent in August from July and rose by 6.24 percent from a year ago. The national average home price, $282,000, represented another record high.
Ten of the 20 largest states and 14 of the 40 largest metros hit new home price peaks in August 2017, representing smaller shares of each group than in recent months.
The report said New York home prices rose by 1.58 percent in August, leading all states in monthly appreciation for the second consecutive month and accounting for nine of the 10 best-performing metropolitan areas. Of the 20 largest states, only Georgia, Maryland and Virginia saw prices fall slightly, at -0.17, -0.05 and -0.23 percent, respectively.
Twelve of the nation’s 40 largest metros saw slight declines as well, with Denver seeing the largest drop at -0.32 percent. Though flat in August, home prices in Seattle have risen by 12.02 percent from the start of 2017 and by more than 14 percent since last year.