Home prices hit yet another new peak in August as they increased annual for the 64th consecutive month, according to the latest Home Price Index from Black Knight.
U.S. home prices hit a new peak in August with $282,000, however the appreciation continues to slow. Home prices appreciated 0.24% from the previous month, falling to less than half of July’s home price growth rate.
To better understand the rising home prices combined with the slower rate of appreciation, check out Black Knight’s infographic below.
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(Source: Black Knight)
This marks the fifth consecutive month of slowing growth rates, however the annual rate of appreciation held steady at 6.24%.
However, in some areas home prices are still surging forward. New York home prices rose 1.58% month-over-month, leading all other states in monthly appreciation for the second consecutive month. New York metros made up nine of the top 10 best performing metros.
New York home prices are up 32.89% from its national trough in January 2012, and has a current HPI value of $385,000.
The Black Knight HPI utilizes repeat sales data from the its public records data set, as well as its loan-level mortgage performance data, to produce home prices for both disclosure and non-disclosure states.