Home prices were up 0.3% for the month, rising 5.5% on a year-over- year basis, according to the August house price index from Black Knight Financial Services.
This puts national home prices up 5.6% since the beginning of the year and 27% since the bottom of the market at the start of 2012.
At $253,000, the national level HPI is now just 5.3% off its June 2006 peak of $268,000.
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. The Black Knight HPI represents the price of non-distressed sales by taking into account price discounts for REO and short sales.
New York led gains among the states, seeing 1.8% month-over-month appreciation, and accounted for every one of the month's top 10 metro area movers as well.
Among the nation's 20 largest states, 3 hit new peaks again in August:
- New York ($358,000)
- Tennessee ($177,000)
- Texas ($215,000)
Illinois saw the most negative movement (-0.5%) among all states; 8 other states also saw home prices fall in August.
Illinois also accounted for 7 of the 10 worst performing metro areas, with home prices in Decatur, Peoria, Kankakee and Springfield all falling by 0.9% from July.
After 11 consecutive months of new peaks, San Jose, CA backed off this trend with a 0.4% decline in August.
Las Vegas, while up 62% from the market’s bottom, is still more than 37% off its May 2006 pre-crisis peak, the most of any of the 40 largest metros.
Of the nation’s 40 largest metros, 9 hit new peaks:
- Austin, Texas ($286,000)
- Boston, Massachusetts ($409,000)
- Dallas, Texas ($218,000)
- Denver, Colorado ($326,000)
- Houston, Texas ($221,000)
- Nashville, Tennessee ($217,000)
- Portland, Oregon ($319,000)
- San Antonio, Texas ($195,000)
- San Francisco, California ($720,000)