Average home prices throughout the nation achieved both monthly and yearly appreciation gains during May, according to Black Knight Financial Services’ Home Price Index (HPI).
Since the beginning of 2017, home prices have increased 4.6 percent, and May marked the 61st consecutive month of year-over-year national home price appreciation. According to the HPI, home prices in May 2017 were up 6.1 percent from May 2017; and 1.1 percent from April 2017.
Rhode Island had the largest monthly percentage gain (1.7 percent) followed by Utah, Idaho, Montana and Washington (all 1.6 percent), the HPI found. Spokane, Wash., and Carson City, Nev., were the metropolitan areas with the largest monthly appreciation (both 1.9 percent).
Every state and the 40 largest metropolitan areas had home price increases in May. In Seattle, home prices have increased 10.3 percent in 2017. San Jose, Calif. has seen home prices increase 9 percent this year.
The HPI found that 11 metropolitan areas hit new price peaks in May. They were Atlanta ($220K); Austin, Texas ($318K); Boston ($455K); Charlotte, N.C. ($225K); Cincinnati ($176K); Columbus, Ohio ($198K); Dallas ($258K); Denver ($388K), Houston ($235K); Kansas City ($195K); Los Angeles ($646K); Minneapolis ($268K); Nashville ($260K); Pittsburgh ($198K); Portland, Ore. ($384K); San Antonio ($215K); San Diego, ($574K); San Francisco ($831K); San Jose, Calif. ($988K); and Seattle ($464K).