Modest monthly gain the best since June 2014
U.S. home prices were up 0.7% for the month in February, and rose 4.6% from last year, according to the latest home price index report from Black Knight Financial Services.
This was the largest monthly gain in national home prices since June 2014.
At $242,000, the national level HPI is now just 9.5% off its June 2006 peak of $268,000.
The report also found that home prices in three of the nation’s 20 largest states – Colorado, New York and Texas – hit new highs in February.
Of the nation’s 40 largest metros, nine hit new peaks – Austin, TX; Columbus, OH; Dallas, TX; Denver, CO; Honolulu, HI; Houston, TX; Nashville, TN; San Antonio, TX; and San Jose, CA.
Colorado leads the 20 largest states tracked by the Black Knight HPI at 9.4% Y/Y growth.
Of the 20 largest states, Connecticut, Massachusetts, New Jersey and Pennsylvania all saw prices decline in February; only Connecticut saw a yearly decline.
Las Vegas continues to lead the 40 largest metro areas in distance from its pre-crisis peak; home prices there remain almost 41% off their May 2006 highs.