Storms don't have much effect on Florida, Texas home prices

Florida's home prices increased during September, while in Texas there was a minimal decline from August, a sign the major storms that hit both states had little impact on values.

Nationwide, home values increased 0.16% from August to $282,000, which is another high point, according to Black Knight. But it is the sixth month in a row where the rate of appreciation slowed.

There was a 6.36% year-over-year increase in home values during September. The annual appreciation rate for August was 6.24%, while the month-to-month increase was 0.24%.

In Florida, there was a 0.87% month-to-month increase in home prices, the third largest gain among the states, behind only New York, up 1.09%, and Rhode Island, up 0.93%.

Florida's median value was $248,000 for September. That was 16.26% below the market peak of $297,000 set in April 2006.

New York reached a new peak price in September at $386,000.

Prices in Texas fell by 0.05% compared with August, driven by a 0.23% decline in the Houston metro area, the part of the state hit hardest by Hurricane Harvey. But Houston's home values are still up by 2.69% from August 2016 and by 3.23% since the start of 2017.

The September median value in Texas was $241,000, compared with the $242,000 peak value reached in August.

The five states where home values decreased the most during September were Michigan, down 0.61%; North Dakota, down 0.54%; Illinois, down 0.38%; Connecticut, down 0.36%; and Iowa, down 0.34%.

Prices in Detroit fell by 0.58% compared with August, the most among all metro areas. However, since the start of the year, prices in the area are up 10%.