Home prices increased from last month, reaching another all-new high, according to the monthly Home Price Index released by Black Knight Financial Services.
Home prices increased 0.9% from May to $281,000 in June, setting yet another all-new peak for home prices. This represents an increase of 6.2% from last year, according to the report.
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 price increases spread to all 50 states in June, and among the nation’s 40 largest metros, Las Vegas, Nevada, Nashville, Tennessee, and Seattle, Washington, all grew by 10% or more annually.
Here are the top six metros with the highest increase from last month:
6. Racine, Wisconsin – 1.9%
5. Buffalo, New York – 2%
4. Milwaukee, Wisconsin – 2%
Median home price: $212,000
Increase from last year: 6%
3. Ithaca, New York – 2%
2. Detroit, Michigan – 2.1%
Median home price: $178,000
Increase from last year: 8.1%
1. Carson City, Nevada – 2.2%
Similar to last month, the majority of the growth continues to occur outside of major cities. Only two of the top six cities, Detroit and Milwaukee, appeared in Black Knight’s list of the U.S.’ top 40 largest metros.