The month of March saw the largest monthly gain in home prices in nearly two years, according to a new report from Black Knight Financial Services (BKFS), a Fidelity National Financial (FNF) company.
Black Knight’s latest Home Price Index, released Tuesday, shows that home prices were up 1.2% in the month of March and up 4.8% on a year-over-year basis. Those totals represent the largest monthly gain in national home prices since June 2013.
Black Knight’s latest Home Price Index, which is derived from the company’s property and loan-level databases to produce a repeat sales analysis of home prices as of their transaction dates every month for each of more than 18,000 U.S. ZIP codes, sits at $245,000, which is just 8.4% off of the June 2006 peak of $268,000.
The Black Knight report also showed that year-to-date home price appreciation rose at a 33% greater rate than the same period in 2014.
According to Black Knight’s report, the top 10 states where home prices increased were:
- Colorado: 1.9%
- District of Columbia: 1.9%
- Washington: 1.6%
- Illinois: 1.5%
- Michigan: 1.5%
- Florida: 1.4%
- Maryland: 1.4%
- Nebraska: 1.4%
- Virginia: 1.3%
- Georgia: 1.3%
Another sign of March’s strong performance, Black Knight said, was the fact that even the 10 worst performing states and metro areas all saw flat to positive movement. Here are the bottom 10 states, each showing a slight increase in home prices:
- Tennessee: 0.9%
- Massachusetts: 0.9%
- Hawaii: 0.8%
- Nevada: 0.8%
- Vermont: 0.7%
- Pennsylvania: 0.6%
- Arizona: 0.5%
- Connecticut: 0.5%
- New Jersey: 0.4%
- Montana: 0.3%
Additionally, the top 10 metro areas where home prices increased were:
- San Jose, CA: 2.7%
- San Francisco, CA: 2.4%
- Boulder, CO: 2.4%
- Denver, CO: 2.2%
- Naples, FL: 1.8%
- Ocala, FL: 1.8%
- Palm Bay, FL: 1.8%
- Seattle, WA: 1.8%
- Greeley, CO: 1.8%
- Port St. Lucie, FL: 1.8%
According to Black Knight’s report, of the nation’s 40 largest metros, nine hit new peaks again in March, including: Austin, TX; Columbus, OH; Dallas, TX; Denver, CO; Honolulu, HI; Houston, TX; Nashville, TN; San Antonio, TX; and San Jose, CA.
Colorado led the 20 largest states with 10% year-over-growth, followed by Texas and New York (7.7% and 7.4%, respectively).
