Black Knight Financial Services recently released its February 2016 residential real estate transactions report, the Home Price Index (HPI). The report found that national home prices in February were up 5.3 percent on an annual basis and increased 0.7 since January.
Other notable points of the report include:
- The U.S. HPI was reported at $254,000 — up 27.5 percent from the market’s bottom but 5 percent off the June 2006 peak of $267,000
- Home prices in New York, Tennessee and Texas all hit new peaks in February
- San Jose led metro areas with 2.4 percent price growth from January, followed by Seattle at 2.1 percent
- Connecticut, Rhode Island and New Jersey were the only states to see negative price movement in February, accounting for seven of the ten worst performing metro areas
- Of the nation’s 40 largest metros, Austin, Dallas, Denver, Houston, Kansas City, Nashville, Portland, San Antonio, San Francisco and San Jose all hit new peaks
The Pacific Coast and Colorado stacked the list of biggest metro movers, with every metro in the top 10 hailing from California, Colorado, Oregon or Washington.
The East Coast tells an opposite story: Every metro in the bottom ten came from Connecticut, Massachusetts, New Jersey or Rhode Island.
Despite nearby metro areas in Connecticut and New Jersey dominating the bottom-performing metro list, New York City’s home prices continue to increase, moving up 0.4 percent month-over-month from January and 4.7 percent annually.
The rest of New York State saw an even better February. The month’s HPI value rose 0.8 percent month-over-month to $353,000 — a 5.5 percent annual increase and almost $100,000 higher than the national average.
After another strong month to start off 2016, New York State’s HPI slightly increased from January’s peak level in Black Knight’s monthly report.