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Home Prices Nearing Pre-Crash Levels

by devteam June 24th, 2014 | Share

Home price are again approaching the high point theyrnreached in 2006, before the bottom fell out of the housing market.  Black Knight in its Home Price Index Reportrnfor April says that U.S. home prices are now only 12 percent off of thatrnpeak.  </p

Black Knights Home Price Index (HPI) was up 0.9rnpercent in April to $236,000 from $234,000. rnThis is 6.4 percent higher than the HPI in April 2013 of $222,000.  Prices peaked nationally in June 2006 atrn$269,000.</p

Nineteen of the 20</blargest states posted month-over-month increases with Arizona which wasrnunchanged for the month, being the lone exception.  The largest gains were in Georgia andrnMassachusetts each of which posted 1.6 percent appreciation.  Maryland was up 1.4 percent and Delaware andrnMichigan each increased by 1.3 percent.  AfterrnArizona the smallest price increases were in Iowa (0.4 percent) followed byrnfive states that each posted increases of 0.5 percent, Vermont, Nevada, Nebraska, New York, and Hawaii.</p

Texas and Colorado set new price peaks as they have donerneach month since mid-2013.  Dallas,rnDenver, Houston, San Antonio, Austin and San Antonia also each set another newrnpost-crash high and were joined in April by Nashville.  That city set a new HPI of $200,000, up 1.4rnpercent from March.</p

Black Knight’s report summarizes sales concluded each monthrnusing a repeat sales analysis of home prices on their transactions dates.  The HPI represents the price ofrnnon-distressed sales by taking into account price discounts for bank-owned realrnestate (REO) and short sales.

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About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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