Slowdown in Home Prices a Reality

first_img Black Knight Financial Services Home Prices 2016-01-25 Staff Writer Home prices have been consistently rising for the last few years, but it looks like that slow growth housing market that economists have been predicting for 2016 may have started early.Black Knight Financial Services’ Data and Analytics division released its November 2015 Home Price Index (HPI) report, finding that U.S. home prices rose marginally by 0.1 percent. Year-over-year home prices are still up 5.5 percent.The HPI reached $253,000 in November and is now only 5.3 percent off its June 2006 peak of $268,000. In addition, the index is up 27 percent from the housing market’s bottom in January 2012.New York led the gains among the states for the fifth consecutive month in November, rising 1.2 percent from the previous month. New York metros held five of the top 10 spots for the largest HPI changes in November. The rest of the top five states with the largest HPI changes month-over-month include South Carolina (0.6 percent), Oregon (0.5 percent), New Mexico (0.5 percent), and North Carolina (0.5 percent).In November, Black Knight reported that both Ohio and Connecticut saw the most negative home price appreciation, with home prices declining 0.4 percent from the previous month. New Hampshire, Wisconsin, and Virginia followed with home prices decreasing 0.3 percent in each of these states.Among U.S. metros, New York City, New York; Cape Coral, Florida; and Naples, Florida had the highest HPI changes in November, rising 1.0 percent from the prior month in each area. Glens Falls, New York and Punta Gorda, Florida following with home prices appreciating 0.9 percent month-over-month. On the negative end of appreciation were Milwaukee, Wisconsin (0.7 percent); Cleveland, Ohio (0.6 percent); Rockford, Illinois (0.6 percent); Springfield, Ohio (0.6 percent); and Decatur, Illinois (0.6 percent).The data showed that New York, Tennessee, and Texas all hit new home price peaks again in October at $357,000, $179,000, and $216,000, respectivelySeven of the nation’s 40 largest metros reached new peaks in October including Austin, Texas ($286,000); Dallas, Texas ($221,000); Denver, Colorado ($329,000); Houston, Texas ($220,000); Nashville, Tennessee ($222,000); Portland, Oregon ($324,000); and San Antonio, Texas ($195,000).Click here to view the full report. Slowdown in Home Prices a Reality January 25, 2016 491 Views center_img Share in Daily Dose, Data, Headlines, Market Studies, Newslast_img read more