Black Knight Notes Home Price Decline

ThernHome Price Index (HPI) report issued this week by Black Knight FinancialrnServices shows the December national index at $241,000, a -0.1 percent changernfrom November.  The HPI has increased byrn4.6 percent since December 2013, and is now 10.2 percent below the peak of $268,000rnit stablished in June 2006.</p

The largest monthlyrnincreases were in New York and Colorado, each of which saw its HPI increase byrn0.5 percent.  Colorado has beenrnestablishing new price peaks regularly for over a year and the Decemberrnincrease brought New York to within 0.6 of its pre-crisis high.  These two were followed by Oregon, Florida,rnOklahoma, and Arizona, each with gains of 0.3 percent.  </p

The biggest losersrnwere Michigan and Connecticut with month-over-month changes of -1.2 percent andrn-1.1 percent respectively followed by Vermont at – 0.8 percent and NewrnHampshire and Pennsylvania at 0.6 percent. </p

Top-performing metrosrnwere dominated by Florida.  Cape Coralrngained 0.9 percent followed by The Villages, Sarasota, and Naples and joined byrnDenver, all at 0.7 percent.  Seven largernmetros lost 1 percent or more during the month and this list was dominate ledrnby New England.  New Haven and Detroitrnled, both at -1.5 percent followed by Hartford and Norwich at -1.1 percent.</p

The Black Knight uses its property andrnloan-level databases to produce a repeat sales analysis of home prices in morernthan 18,500 U.S. Zip codes.  The company’srnHPI represents the price of non-distressed sales by taking into account pricerndiscounts for REO and short sales.

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