Photo: Chris Brown/Flickr
US home prices continued to rise in November 2016, and were just 0.3 percent shy of a new national peak. Both New York state and the New York metro area recorded the highest price growth in November of all the areas examined in the study, according to a new market report by the mortgage and real estate data firm Black Knight Financial Services (BKFS).
The national Home Price Index (HPI) rose 0.2 percent $267,000 in November from the previous month. November’s HPI was just under 6 percent higher than the price recorded last year.
November’s national HPI was just 0.3 percent below the peak of $268,000 recorded in June 2006, says BKFS.
Meanwhile, the HPI in New York state was up 5.7 percent to $365,000 from last year in November. New York’s HPI also recorded a 1.1 percent monthly increase in November — the highest monthly increase of all the states examined by BKFS for the report. And, November was the fifth consecutive month New York state recorded the highest percentage of price appreciation.
On the metro level, the New York metro area recorded a 1.4 percent increase in HPI, the largest monthly increase of the metros studied. And while the New York metro area came out on top, metro areas in Florida and Tennessee dominated the rest of the top 10 — the two states accounted for a combined total of 8 of the 10 best-performing metros.
Only one of the 40 metros studied recorded negative year-over-year price appreciation — St. Louis, MO, where the HPI decreased 2.6 percent to $168,000.
According to BKFS’s data, home prices hit new peaks in six of the country’s 20 largest states, and in eight of the country’s 40 largest metros in November.
BKFS uses repeat sales data from the country’s largest public records data set, as well as its own loan-level mortgage data to gather home price information to calculate the HPI in 20 of the country’s largest states and in 40 of the country’s largest metro areas.
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