U.S. home prices have climbed 2.3 percent this year and hit a new, nationwide peak in March, according to Black Knight Financial Services, Inc.’s Home Price Index.
Average home prices in March were $272,000, up 1.3 percent compared with April and 5.8 percent from one year ago. According to the index, average home prices in the U.S. have climbed for 59 consecutive months.
For the second consecutive month, Washington had the highest increase in home prices versus February (2.2 percent); followed by Nebraska (1.9 percent) and Michigan, Oregon, Georgia, Colorado and Illinois (all up 1.7 percent). All states other than West Virginia saw an increase in average home prices during March.
San Jose, Calif., saw a 2.6 percent monthly appreciation that led all metropolitan areas. It was followed by Seattle (2.4 percent). Since the start of 2017, three metropolitan areas have seen home prices increase by at least 5 percent. They are San Francisco (5 percent); Seattle (5.9 percent); and San Jose (6.4 percent).
By contrast, average home prices in Tuscaloosa, Ala, have dropped 17 percent this year.
During March, 15 metropolitan areas hit new peaks. They were Austin, Texas ($310K); Boston ($443K); Charlotte, N.C. ($221K); Columbus, Ohio ($189K); Dallas ($250K); Denver ($379K); Houston ($231K); Kansas City, Mo. ($192K); Los Angeles ($633K); Nashville, Tenn. ($253K); Portland, Ore. ($373K); San Antonio, ($211K); San Francisco ($811K); San Jose ($968K); and Seattle ($445K).