Home prices hit their all-time high in April, according to Black Knight Financial Services’ latest Home Price Index report.
Home prices increased a total of 3.6% in April since the start of 2017 to the HPI’s all time high of $275,000. This is an increase of 1.2% from the previous month and 6% from last year.
Black Knight’s HPI utilizes repeat sales data from its public records data set, as well as its loan-level mortgage performance data, to produce its measure of home prices for both disclosure and non-disclosure states. Non-disclosure states do not include property sales price information as part of their publicly available county recorder data, however Black Knight is able to obtain the sales price information for these states by combining and matching records across its data assets.
One city stood out above the rest as it led its state to the highest monthly appreciation for the third consecutive month. Seattle home prices increased a full 8.4% since the start of the year.
All the largest 20 states and the 40 largest metros saw an increase in home prices in April, and the top 10 best-performing metros all increased by 2% or more.
Here are the top 6 metros with the most increase in home prices from March to April:
6. Spokane, Washington – 2.0%
5. Mount Vernon, Washington – 2.1%
4. Walla Walla, Washington – 2.1%
3. Carson City, Nevada – 2.3%
2. Bellingham, Washington – 2.3%
1. Seattle, Washington – 2.3%
Seattle leads other metros as it takes the top spot, however other metros are also helping pulling Washington to the top position as it increased 2.1% from the month before. Of the top six best performing metros, five are located in Washington.
In fact, nine of the top 10 metros are in the Western U.S. The one exception is Detroit, Michigan, which came in as the 10th best performing metro with its increase of 2% from the month before.