California appears to have topped out in terms of price
increases, at least for the present.
While Black Knight Financial Services reports a 0.2 percent increase in
its Home Price Index for the country as a whole in October, California and five
of its leading cities saw prices pull back.
Black Knight said the HPI for the country was at $254,000 in
October, now only 5.3 percent off of the June 2006 peak of $268,000 and up by
5.5 percent from the previous October. The October number represented a 26.9
percent rebound from the bottom reached in 2012.
In contrast, in California, while up 7.5 percent on an
annual basis, declined 0.2 percent from September to October. Los Angeles experienced an identical drop. California's HPI had been flat in September
and increased by 0.1 percent in both July and August. The other two of the ten
largest states posting negative numbers in October were Ohio down 0.3 percent
and Illinois, down 0.1 percent.
At the other end of the spectrum, New York led all states
for the fourth consecutive month with a 1.1 percent increase while prices in
the New York City metro area were up 1.2 percent.
Nevada and Utah were tied for the second best
month-over-month performances among the states with 0.8 percent gains in their
HPI's followed by South Carolina and New Jersey at 0.7 percent.
New York, Tennessee and Texas hit new
peaks again in October, as did seven of the nation's 40 largest metro areas
The Black Knight HPI utilizes repeat
sales data from the nation's largest public records data set as well as its
market-leading loan-level mortgage performance data to capture home price data
from both disclosure and non-disclosure states.