Home Prices up Again in May Black Knight says

The Home Price Index (HPI) releasedrnon Monday by Black Knight Financial Services showed another strongrnmonth-over-month gain for housing values in May.  The HPI increased by 0.9 percent to a valuernof $239,000 from $236,000 in April.  Thernindex is up 3.4 percent from the beginning of 2014 when it registered atrn$231,000 and 5.4 percent from May 2013 when the value was $224,000.</p

Black Knight’s Data and AnalyticsrnDivision bases its HPI on residential real estate transactions combined withrninformation from its own property and loan level databases.  This is used to produce a repeat salesrnanalysis for more than 18,500 U.S. ZIP codes.</p

Prices accelerated the most in RhodernIsland which was up 1.5 percent for the month and in Michigan, Colorado, andrnConnecticut, each of which rose +1.4 percent. rnFive states, Idaho, Illinois, Georgia, Massachusetts, and Texas, tied withrna 1.3 percent monthly increase.  At thernbottom in terms of appreciation were Arizona (0.3 percent), Iowa (0.4) andrnHawaii, New York, Nebraska, and Nevada, each with a 0.5 percent uptick.</p

Bridgeport, Houston, and Denver werernthe metro areas with the strongest showing, each with 1.6 percent monthlyrnincreases.  Grand Rapids was up 1.5rnpercent followed by three Connecticut cities, Norwich, New Haven, andrnTorrington, with 1.4 percent gains. rnTucson saw a 0.1 percent drop in its HPI and Lakeland Florida wasrnunchanged from April to May.  Others atrnthe bottom of Black Knight’s metro list were Los Angles, Baton Rouge, andrnOxnard (California), each with a minimal 0.2 percent gain.</p

National home prices are now 11.1rnpercent off of the peak of $268,000 established in June 2006.  Colorado and Texas again established newrnpeaks in their HPI values. Among metro areas new peaks were set by Austin,rnDallas, Houston, Denver, San Antonio, Nashville, and San Jose.

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