Home prices are now just 10.2% off the 2006 peak, but price appreciation is slowing both month-over-month and year-over-year, according to the latest data from Black Knight Financial Services.
Seven of 20 largest states registered monthly declines in home prices – Arizona, California, Connecticut, Massachusetts, New Jersey, Pennsylvania and Virginia.
The Black Knight HPI represents the price of non-distressed sales by taking into account price discounts for REO and short sales.
At $241,000, the home price index average is now just 10.2% off its July 2006 peak.
The last three months' year-over-year increases were June: 5.5%, May: 5.9% and April: 6.4%.
Michigan saw the largest monthly gain among states at 0.9%, with the Detroit metro area seeing 1.1% growth for the month – tying Myrtle Beach, SC for greatest rise among metros.
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Ocean City, N.J., fell most of all metro areas tracked, falling 1.1% from June.
Colorado and Texas both hit new peaks again in July, reaching $274,000 and $198,000, respectively.
Seven of the 40 largest metros also hit new peaks - Austin, TX ($260K); Dallas, TX ($197K); Denver, CO ($287K); Houston, TX ($203K); Nashville, TN ($203K); San Antonio, TX ($182K); and San Jose, CA ($755K).
Honolulu home prices fell 0.3% in July, making for a 10% year-over-year decline and the only one of the 40 largest metro areas tracked to register a Y/Y loss.