Home prices rose 0.9% in June from May and 5.1% since June 2014, according to the new home price report from Black Knight Financial Services.
The Black Knight HPI combines the company’s extensive property and loan-level databases to produce a repeat sales analysis of home prices as of their transaction dates every month for each of more than 18,500 U.S. ZIP codes.
This puts national home prices up 4.9% since the start of the year and up over 26% since the bottom of the market at the start of 2012.
At $252,000, the national level HPI is now just 5.8% off its June 2006 peak of $268,000.
Michigan led gains among the states, seeing 1.9% month-over-month appreciation, followed by Colorado at 1.4%.
In a sign of the month’s overall positivity, even the lowest performing state – West Virginia – registered flat, rather than negative, movement in June.
Among all the nation’s metros tracked by the Black Knight HPI, Reno, NV saw the greatest monthly appreciation at 2.6%.
Click to enlarge
(Source: Black Knight)
Sierra Vista, Arizona, was the only metro area to mark negative month-over-month movement, with home prices there declining 0.1% from May.
Meanwhile, Indiana, New York, Tennessee and Texas all hit new peaks in June. California home prices have now risen over 50% since the national market bottom.
Among the nation’s largest states, Arizona and Michigan follow, with roughly 39% growth from the trough. As of June, home prices in San Francisco and San Jose are over 70% higher than they were at the market’s bottom. Las Vegas home prices, while up nearly 60% from the national trough, are still almost 40% off their May 2006 peak.
Of the nation’s 40 largest metros, 13 hit new peaks in June:
- Austin, TX ($282K)
- Boston, MA ($406K)
- Columbus, OH ($185K)
- Dallas, TX ($215K)
- Denver, CO ($323K)
- Houston, TX ($218K)
- Kansas City, MO ($173K)
- Nashville, TN ($217K)
- Pittsburgh, PA ($187K)
- Portland OR ($310K)
- San Antonio, TX ($193K)
- San Francisco, CA ($715K)
- San Jose, CA ($862K)
Click here for the full report.