theMReport.com Your trusted source for mortgage banking news
Black Knight Financial Services' Data and Analytics division released its September 2015 Home Price Index (HPI) report, finding that U.S. home prices rose marginally by 0.1 percent in September.
But don't let this small rise fool you, home prices are still up 5.5 percent year-over-year.
The HPI reached $253,000 in September and is now just 5.4 percent off its June 2006 peak of $268,000. In addition, the HPI is up over 26.9 percent from the market's bottom in January 2012.
Leading the gains among the states is New York with 0.9 percent month-over-month home price increase. Wrapping up the top five states with the largest monthly HPI changes are Wisconsin (0.7 percent); Utah (0.7 percent); Wyoming (0.6 percent); and Nevada (0.5 percent).
In September, Connecticut and North Carolina had the most negative home price movement, as home prices fell 0.7 percent month-over-month in both states. Missouri (-0.5 percent), New Hampshire (-0.3 percent), and Massachusetts (-0.3 percent) followed with negative home price appreciation.
According to Black Knight, Missouri was the only state out of the nation's 20 largest states that had negative year-over-year home price appreciation, with home prices falling 1.9 percent.
Meanwhile, Wisconsin and Florida held six of the nation's top ten best performing metros, with Janesville, Wisconsin leading the pack with a 1.4 percent increase in prices. Reno, Nevada (0.9 percent), Sebastian, Florida (0.8 percent), New York City, New York (0.8 percent), and Green Bay, Wisconsin (0.8 percent) wrapped up the top five metro with the highest home price increases. Metro areas in North Carolina, Connecticut and New Jersey made up all ten of the worst performing areas in September
The data showed that New York, Tennessee, and Texas all hit new home price peaks again in September at $352,000, $177,000, and $216,000, respectively.
Of the nation’s 40 largest metros, Black Knight found that eight hit new peaks in September: Austin, Texas; Dallas, Texas; Denver, Colorado; Houston, Texas; Nashville, Tennessee; Portland Oregon; San Antonio, Texas; and San Francisco, California.
Click here to view the full report.
