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| HOME PRICES DEPICT A TREND OF VERY STABLE GROWTH The Data & Analytics division of Black Knight Financial Services, Inc. recently released its latest Home Price Index (HPI) report, based on August 2016 residential real estate transactions. The Black Knight HPI utilizes repeat sales data from the nation's largest public records data set, as well as its market-leading, loan-level mortgage performance data, to produce one of the most complete and accurate measures of home prices available for both disclosure and non-disclosure states. Non-disclosure states do not include property sales price information as part of their publicly available county recorder data. Black Knight is able to obtain the sales price information for these states by combining and matching records across its unique data assets. The report states that U.S. home prices are up 0.3 percent for the month as well as up 5.3 percent year-over-year. At $266,000, the U.S. HPI has risen over 33 percent from the market's bottom and is now within just 0.7 percent of a new national peak. Specifically, New York led home price gains among the states, seeing 1.1 percent growth for the month. In contrast nine states saw home prices decline including South Carolina, North Dakota, Virginia, Connecticut, and Missouri. All of the states were down 0.3 percent from July. Additionally, home prices in nine of the nation's 20 largest states and nine of the 40 largest metros hit new peaks in August. The report also states that New York, New York led metro-area growth at 1.2 percent appreciation. In contrast, New York state metro areas reportedly accounted for nine of the top 10 biggest monthly movers. St. Louis home prices continued to decline on both monthly and annual levels making it the only metro among the 20 largest to do so. Meanwhile, prices in Kansas City, Missouri hit a new peak for the 8th consecutive month. The report states that each month the Black Knight HPI reports five price levels (quintiles), along with REO discount rates, for 18,000+ U.S. ZIP codes. Findings are available with or without seasonal adjustments, although all numbers that follow have not been seasonally adjusted. Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. Original Source: DS News |
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