As home sales drop, home prices hit a new peak in January 2018. According to the latest Home Price Index (HP) delivered by Black Knight, Inc., home prices increased +1.0% m/m and +6.6% y/y to $283,000.
These percentages point to the 68th consecutive month of annual home price appreciation as well as a new peak for 6 of the nation’s 20 largest states and 11 of the nation’s 40 largest metros.
For some perspective, the home prices today are +42.23% higher than in January 2012!
Black Knight uses repeat sales data from public record data and its own loan-level mortgage performance data for its monthly and annual home HP index reports.
States with Highest Jumps in Home Prices m/m:
New York +1.71%
N Carolina +0.48%
The state with biggest dip in home prices was Ohio. Ohio also had 7 of the nation’s 10 worst performing metros m/m.
Metros with Highest Jumps in Home Prices m/m:
New York City +1.25%
Additionally, 11 of the top 40 metros had new highs m/m.
Boston experienced the lowest dip in home prices with a decrease of -0.21% mm/m.
The median price for existing single-family home sales was $240,500, a +5.8% y/y. This was the 71st straight month of y/y gains.
Low sales numbers, according to Lawrence Yun, chief economist with the National Association of Realtors (NAR), said, “Realtors in most areas are saying that traffic is stronger than the beginning of last year but that sales have failed to follow course…it’s very clear that too many markets are…becoming less affordable and desperately need more new listings to calm the speed of price growth.”