Home prices hit a new peak in February, according to Black Knight Financial Services’ Home Price Index.
Home prices increased 0.8% from January to $268,000 in February, up from $266,000 in January. This is an increase of 5.7% from last year’s $254,000 and a new peak in home prices.
This chart from Black Knight shows home price movement since 2005. While prices dipped in the recession years, they have shown steady growth since 2012.
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(Source: Black Knight)
In some of the largest states and metros, the home price increase was even more pronounced in February, the index shows. While some states, such as Texas and New York, hit an all new peak, others, such as California and Florida, are still lagging, despite increasing home prices.
These infographics show the difference between Texas and California. While both states saw home prices increase 1.1%, prices in California are still 6.2% behind the May 2006 peak.
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(Source: Black Knight)
Similarly, these two charts show the differences between Florida and New York. While Florida saw an increase of 0.7% in February, home prices are still a full 20% below their April 2006 peak. Contrarily, home prices in New York increased slightly more at 1.2%, however they already hit a new high.
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(Source: Black Knight)
One metro, Tuscaloosa, Alabama, saw a full 4.7% monthly drop in home prices, however decreases in other metros were much less significant.
Here are Black Knight’s top and bottom ten metros for home price increases in February:
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(Source: Black Knight)
