For the 57th consecutive month, home prices across the country continued to edge higher in January, according to Black Knight’s Home Price Index (HPI).
The HPI found home prices increased slightly (0.1 percent) from December 2016 to January 2017. Year-over-year, January 2017 home prices increased 5.4 percent compared with January 2016.
New York led all states in home appreciation in January. The 1.3 percent increase in the Empire State was more than double appreciation increase (0.6 percent) in the next best performing states (Hawaii, New Jersey and Washington).
Several states hit new peak averages in January. They were Massachusetts ($376K), New York ($369K), and Washington ($345K).
The best-performing cities in January were New York (1.3 percent), Seattle and San Jose (0.8 percent each). The worst-performing city in terms of home appreciation in January was Tuscaloosa, Ala., where prices dropped 4 percent.
Eight cities hit new peak averages in January. They were Boston ($435K), Columbus, Ohio ($186K), Dallas ($244K), Denver ($366K), Kansas City, ($187K), Nashville ($246K), Portland ($359K), San Francisco ($776K) and Seattle ($423K).