National home prices reach record high: Black Knight

U.S. home prices reached a new record high in June, with values increasing 5.5% since the beginning of the year, according to Black Knight Financial Services.

Black Knight's national home price index reading was $281,000 in June, up 6.2% from a year ago and a new record.

NMN082817HPIBlackKnight.png

All 50 states saw a rise in home prices from May to June; prices grew about 0.9% month over month.

Among U.S. states, Michigan saw the most growth, with a price appreciation of 1.9%. Up 1.8%, Wisconsin trailed just behind Michigan and saw the second-greatest increase in home prices.

Among the country's 40 largest metro areas, home prices in Las Vegas, Nashville, Tenn., and Seattle all reported gains of 10% or more from June of last year.

Of all metropolitan areas, home price appreciation was greatest in Carson City, Nev., with a growth of 2.2% from May to June; house prices rose the most in Carson City for the second consecutive month.

Home price appreciation was lowest in Bremerton, Wash., where home prices actually declined by 0.9%. Prices in Daphne, Ala., and Hilton Head Island, S.C., also decreased, but only by 0.1%. Prices in Myrtle Beach, S.C., showed no change.

With inventory still tight and unable to support demand, U.S. home prices will continue to appreciate at a gradual pace throughout 2017, according to the National Association of Home Builders.

For reprint and licensing requests for this article, click here.
Home prices Purchase Real estate Black Knight Michigan Nevada South Carolina Washington
MORE FROM NATIONAL MORTGAGE NEWS