After rising 5.7% from the start of 2016, U.S. home prices are now within just 0.3% of a new national peak, according to the Black Knight Financial Services, Inc. (NYSE: BKFS) Home Price Index (HPI) report, based on November 2016 residential real estate transactions. The report was released Monday.
Among its findings:
- For the fifth straight month, New York led all states in monthly home price appreciation, seeing 1.1% growth from October 2016.
- Though New York City was the best-performing metro area, Florida and Tennessee dominated the rest of the Top-10 list, together accounting for eight of the 10 best-performing metros.
- Of the nation's 40 largest metros, only St. Louis, Mo., saw negative year-to-date home price movement through November 2016.
- Home prices hit new peaks in six of the nation's 20 largest states and eight of the 40 largest metros.
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.