Home prices dropped in September for the first time since January

Black Knight: Drop was miniscule but present

At the national level, Black Knight’s September home price index  reports that U.S. home prices were down slightly in September – the first time any decrease had been observed since January 2014. 

The decline was slight – so slight, in fact, that the single decimal place figures in the report’s tables don’t even register the change – but U.S. home prices did fall by 0.01% for the month.

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The HPI is still up 4.6% year-over-year, but is now 10.2% off its June 2006 peak.

According to Black Knight, the last three months of HPI movement have shown a weaker trend than over the same period last year

Half of the nation’s 20 largest states saw prices decrease in September; more than half of the 40 largest metros fell as well.

  • Other findings incluce:
  • Of all 50 states, Connecticut, Missouri and Vermont saw the largest declines (all down -0.6% from August)
  • On the other side of that coin, Georgia led the states with a 0.9% monthly increase (the Atlanta metro area was itself up 1.0%).
  • Year-to-date, Colorado leads the 20 largest states with 6.9% appreciation through Q3
  • San Jose and San Francisco led the 40 largest metros in YTD growth, up 10.1% and 9.8%, respectively 
  • Thus far, none of the 20 largest states or 40 largest metros have shown negative YTD or Y/Y movement

Click to enlarge

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