A spike in home prices sent the index to a new high
Home prices across the US showed gains on monthly and annual bases in June, according to the home price index released by the data and analytics division of Black Knight Financial Services.
Based on residential real estate transactions in June, the national-level home price index rose to a new record high. The index showed a 5.5% increase in home prices from levels at the start of the year.
Additionally, home prices during the period grew 0.9% from last month. Compared to the same period last year, home prices increased 6.2%. Black Knight said the year-over-year increase indicates a continuous acceleration in price appreciation.
The index also showed monthly home-price gains for all 50 states. Michigan saw the biggest monthly increase at 1.9%, while Wisconsin followed with a 1.8% home-price appreciation from May.
Carson City, Nev., posted the biggest monthly home-price increase among all metropolitan areas. Home prices in the city rose 2.2% in June. The most recent gain represents the second consecutive month in which the city saw the highest increase among metro areas.
Other metropolitan areas that ranked high in terms of monthly appreciation included Detroit, Mich., which posted a 2.1% increase, and Ithaca, N.Y., Milwaukee, Wis., and Buffalo, N.Y., each with a 2% monthly gain in home prices.
Black Knight also said that on a year-over-year basis, Las Vegas, Nev., Nashville, Tenn., and Seattle, Wash., all saw home prices grow 10% or more. Additionally, the index revealed that 12 of the 20 largest states and 21 of the 40 largest metros saw home prices reach new record highs during the month.
Related stories:
Foreclosures hit decade low
Black Knight expands on home price index with suite of mortgage, housing indices
Based on residential real estate transactions in June, the national-level home price index rose to a new record high. The index showed a 5.5% increase in home prices from levels at the start of the year.
Additionally, home prices during the period grew 0.9% from last month. Compared to the same period last year, home prices increased 6.2%. Black Knight said the year-over-year increase indicates a continuous acceleration in price appreciation.
The index also showed monthly home-price gains for all 50 states. Michigan saw the biggest monthly increase at 1.9%, while Wisconsin followed with a 1.8% home-price appreciation from May.
Carson City, Nev., posted the biggest monthly home-price increase among all metropolitan areas. Home prices in the city rose 2.2% in June. The most recent gain represents the second consecutive month in which the city saw the highest increase among metro areas.
Other metropolitan areas that ranked high in terms of monthly appreciation included Detroit, Mich., which posted a 2.1% increase, and Ithaca, N.Y., Milwaukee, Wis., and Buffalo, N.Y., each with a 2% monthly gain in home prices.
Black Knight also said that on a year-over-year basis, Las Vegas, Nev., Nashville, Tenn., and Seattle, Wash., all saw home prices grow 10% or more. Additionally, the index revealed that 12 of the 20 largest states and 21 of the 40 largest metros saw home prices reach new record highs during the month.
Related stories:
Foreclosures hit decade low
Black Knight expands on home price index with suite of mortgage, housing indices
