On the eve of the release of the S&P Case-Shiller Home Price Indices, the Data & Analytics division of Black Knight Financial Services, Inc. (NYSE: BKFS) in Jacksonville released its latest Home Price Index (HPI) report, for June, which reports:
- At $265K, the U.S. HPI is up 32.6% from the market's bottom and is within just 1.1% of a new national peak.
- Michigan and Wisconsin led home price gains among the states, seeing 1.6% and 1.5% growth for the month, respectively.
- San Jose, CA backed off of its May 2016 peak, as prices dipped 0.3%, making it one of only two metros (along with Naples, FL) to see negative monthly movement.
- Portland, OR; Seattle, WA; and Denver, CO have all seen greater than 9% home price appreciation in the first half of 2016.
- Home prices in six of the nation's 20 largest states and 14 of the 40 largest metros hit new peaks in June.
The Black Knight HPI utilizes repeat sales data from the nation's largest public records data set, as well as its 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. Each month the Black Knight HPI reports five price levels (quintiles), along with REO discount rates, for 18,000+ U.S. ZIP codes.
Here's CNBC's Diana Olick on the report.