Home prices are approaching their pre-crisis peak, according to a new report from Black Knight Financial Services (BKFS).
Black Knight’s latest Home Price Index report, based on May 2015 residential real estate transactions, showed that the U.S. HPI is now just 6.5% off the June 2006 peak of $268,000, and up over 25% from the market’s bottom.
The Black Knight HPI combines the company’s extensive 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 18,500 U.S. ZIP codes.
The Black Knight HPI represents the price of non-distressed sales by taking into account price discounts for REO and short sales.
According to Black Knight’s report, the HPI now rests at $251,000, up 1.1% over the previous month and up 5.1% over the previous year.
New York led gains among the states, seeing a 1.8% in month-over-month appreciation.
Of the nation’s 40 largest metros, 12 hit new peaks:
Austin, TX up 1.0% to $279,000
Boston, MA $up 1.5% to 402,000
Columbus, OH up 0.7% to $184,000
Dallas, TX up 1.0% to $211,000
Denver, CO up 1.5% to $318,000
Houston, TX up 0.9% to $215,000
Nashville, TN up 1.2% to $216,000
Pittsburgh, PA up 1.4% to $187,000
Portland, OR up 1.4% to $311,000
San Antonio, TX up 0.8% to $190,000
San Francisco, CA up 1.5% to $713,000
San Jose, CA up 1.1% to $854,000
The top 10 movers on the state level were:
New York: 1.8%
New Jersey: 1.6%
New Hampshire: 1.6%
Rhode Island: 1.6%