Black Knight: Home prices keep rising, now just 5% off pre-crisis peak
October marked 42nd straight month of price appreciation
Home prices continued rising in October, marking the 42nd straight month of year-over-year home price appreciation, according to a new report from Black Knight Financial Services.
Black Knight’s Home Price Index report for October showed that home prices rose 0.2% from September to October. Home prices in Oct. 2015 were also 5.5% higher than one year prior.
According to Black Knight’s report, October’s national home price index of $254,000 puts national home prices up 26.9% since the bottom of the market at the start of 2012, and just 5.3% off the June 2006 peak of $268,000.
The Black Knight HPI utilizes repeat sales data from the nation’s largest public records data set, as well as its “market-leading, loan-level mortgage performance data, to produce one of the most complete and accurate measures of home prices available for both disclosure and non-disclosure states.”
According to Black Knight’s report, home prices in New York, Tennessee and Texas all hit new peaks again in October, with New York at $356,000; Tennessee at $178,000; and Texas at $216,000.
In fact, seven markets in the top 40 all hit new peaks in October:
- Austin, TX ($286K)
- Dallas, TX ($220K)
- Denver, CO ($328K)
- Houston, TX ($220K)
- Nashville, TN ($220K)
- Portland, OR ($322K)
- San Antonio, TX ($196K)
According to Black Knight’s report, the state of New York led all states in price gains for the 4th month in a row, with a 1.1% increase. In the New York City metro area, home prices rose 1.2% in October.
Ranking behind New York were Nevada and Utah, both of which rose 0.8% from September.
Connecticut once again saw the most negative movement among the states in October, with home prices there falling by 0.6% month-over-month, Black Knight’s report showed.
New York, NY and Reno, NV led the nation’s metro areas, with home prices there rising 1.2% from September.