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Black Knight Home Price Index: Monthly Appreciation Continues to Slow as U.S. Home Prices Gain 0.16 Percent in September; Year-Over-Year Growth Accelerates Slightly at 6.36 Percent

November 27, 2017
  • The rate of monthly appreciation declined again in September, falling by one-third from August and marking the sixth consecutive month of slowing growth
  • New York home prices led all states for the third month in a row, seeing a 1.08 percent rise in home prices from August
  • Half of the nation’s 20 largest states and 17 of the largest metros saw prices fall from last month
  • Michigan saw the largest decline of all states at -0.61 percent, and the Detroit metro’s -0.58 percent decline led all metros; even so, Detroit home prices are up over 10 percent since the start of 2017
  • All of the top 10 best-performing metros saw home prices grow by 1.1 percent or more in September, with Kennewick, Wash., leading the way at 1.99 percent monthly appreciation
  • San Jose, Calif., continued to show very strong growth, with home prices there up more than 15 percent year-over-year and an HPI value of just over $1.03 million
  • Seattle, Wash., and Las Vegas, Nev., followed, with home prices up 14 and 11.57 percent from this time last year, respectively
  • The number of states and metros setting new home price peaks continued to fall, with just six of the 20 largest states and 11 of the 40 largest metros hitting new highs in September

JACKSONVILLE, Fla., Nov. 27, 2017 (GLOBE NEWSWIRE) -- Today, The Data & Analytics division of Black Knight, Inc. (NYSE:BKI) released its latest Home Price Index (HPI) report, based on September 2017 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.

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.

For a more in-depth review of this month’s home price trends, including detailed looks at average home prices in the 20 largest states and 40 largest metros, please download the full Black Knight HPI Report at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/HPINow.aspx

    
United States HPI: $282K
Change from Last Month: 0.16%
Change from Last Year: 6.36%
Change from Peak: 0.00%
    
Largest States’ HPI Changes from Last Month (Ranked by Population)
California: 0.22%
Texas: -0.05%
Florida: 0.87%
New York: 1.08%
Illinois: -0.38%
Pennsylvania: -0.11%
Ohio: 0.04%
Georgia: 0.17%
North Carolina: 0.18%
Michigan: -0.61%
    
Largest Metros’ HPI Changes from Last Month (Ranked by Population)
    
New York, NY: 0.67%
Los Angeles, CA: 0.06%
Chicago, IL: -0.38%
Dallas, TX: 0.12%
Houston, TX: -0.23%
Philadelphia, PA: -0.04%
Washington D.C.: -0.19%
Miami, FL: 1.06%
Atlanta, GA: 0.13%
Boston, MA: 0.20%
    
Top 10 Movers, State-Level   
    
New York: 1.08%
Rhode Island: 0.93%
Florida: 0.87%
Utah: 0.85%
Montana: 0.83%
Idaho: 0.66%
Nevada: 0.58%
Vermont: 0.57%
Tennessee: 0.50%
Arizona: 0.43%
    
Top 10 Movers, Metro-Level   
    
Kennewick, WA: 1.99%
Kingston, NY: 1.45%
Homosassa Springs, FL: 1.30%
Buffalo, NY: 1.30%
San Jose, CA: 1.28%
Sebastian, FL: 1.26%
Utica, NY: 1.25%
Sebring, FL: 1.14%
Daytona Beach, FL: 1.14%
Palm Bay, FL: 1.11%
    

To download the full Black Knight HPI Report, visit http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/HPINow.aspx

For more information about gaining access to Black Knight's full HPI dataset for your business, please send an email to dataanalyticsinfo@bkfs.com.

About the Black Knight Home Price Index

The Black Knight HPI is one of the most complete and accurate measures of home prices available, providing essential micro-level valuation data by covering nearly 90 percent of U.S. residential properties at the ZIP-code level. The Black Knight HPI provides the most timely updates possible, without the disruptive volatility of frequent historical revisions, for ZIP codes, cities, counties, states, the nation and statistical areas as defined by the White House Office of Management and Budget.

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 capture home price data from both disclosure and non-disclosure states.  Each month the Black Knight HPI reports five price levels (quintiles), along with REO discount rates for each of 18,000+ U.S. ZIP codes. This level of detail is provided for three property groupings in every ZIP code: i) all residential properties, ii) condominiums, and iii) single-family housing. Black Knight's HPI is available with or without seasonal adjustments (numbers cited above are not seasonally adjusted).

About Black Knight
Black Knight (NYSE:BKI) is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle.

Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.blackknightinc.com.

For more information:

Michelle Kersch
904.854.5043
michelle.kersch@bkfs.com

Mitch Cohen
646.926.7741
mitch@mprg.com

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Source: Black Knight, Inc.
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