Mortgage

Black Knight: Home prices essentially flat in January

Price growth still sees 4.6% rise over last year

Home prices ticked up 0.1% for the month and rose 4.6% on a year-over-year basis, according to the Data and Analytics division of Black Knight Financial Services and its latest Home Price Index report, based on January 2015 residential real estate transactions.

In New York state, home prices were up 0.8% in January, hitting a new, post bubble/crisis high.

On the other hand, prices in the NYC metro area – while also up 0.8% for the month – are still 9.4% off their July 2006 peak.

Florida home prices saw a monthly decline at the state level, as did prices in all of the state’s major metro areas; many remain about 30% off their pre-crisis peaks.

Connecticut home prices dropped 1.1% year-over-year, making it the only one of the 20 largest states to see a yearly decline.

Of the states where home prices were hit worst by the crisis, California has made the strongest comeback. California is now down around 20% from its peak in May 2006, whereas other hard-hit states (Arizona, Nevada and Florida) remain 30% or more off their local peaks.

San Jose home prices have once again hit a new peak; it leads U.S. metros with 1.3% month-over month and 11.3% year-over-year gains.

And finally, after nearly two straight years of home price increases, Las Vegas saw home prices decline for the second consecutive month in January.

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