Home prices increased in May from the previous month and the previous year, according to the latest Home Price Index from Black Knight Financial Services.
Home prices hit yet another new peak in May, marking a total gain of 4.6% so far in 2017. Annually, home prices increased 6.1% from May last year to $278,000. This marks an increase of 1.1% from April.
The Black Knight HPI uses repeat sales data from its records data set and its loan-level mortgage performance data to produce home prices for disclosure and non-disclosure states.
Home prices increased in every state and in the 40 largest metros in the U.S., while 11 of the top 20 most populous states and 20 of the 40 largest metros hit new peaks.
Here are Black Knight’s top seven metros with the highest home price increases in May:
7. Gainesville, Florida – 1.8%
6. Stockton, California – 1.8%
5. Walla Walla, Washington – 1.8%
4. Tallahassee, Florida – 1.8%
3. Buffalo, New York – 1.8%
2. Carson City, Nevada – 1.9%
1. Spokane, Washington – 1.9%
It seems the largest increases in home prices growth are occurring outside of the major cities. Not one of the top seven cities with the most price growth appears on Black Knight’s list of the 40 largest metros.
Among the nation’s top 10 largest metropolitan areas, ranked by population, home price growth ranges from 0.6% monthly to a median home price of $412,000 in the District of Columbia to an increase of 1.4% to $258,000 in Dallas.