California has long been acknowledged as the trend-setting
state. Let's hope that isn't the case
for home prices. On the same day that
both S&P Dow Jones Indices and the Federal Housing Finance Agency (FHA)
came out with figures, reported here earlier, showing price gains were still accelerating
in most of the nation, Black Knight Financial Services said "whoops" regarding
the Golden State.
Black Knight's Home Price Index (HPI) showed home prices
nationwide up 5.5 percent year-over-year and 0.1 percent from October to
November, California home prices declined for the second straight month. Its HPI was at $448,000, down 0.2 percent
from October although still up a healthy 7.6 percent compared to November 2014. California had also declined 0.2 percent in
October but the year-over-year gain for that month was also 7.6 percent.
Perhaps the state deserves a breather. Prices there have risen 51.0 percent from the
market's low point in January 2012.
Black Knight said despite the two month dip, "seasonally adjusted numbers suggest continued but
slowing growth for the state" which is still 14.1 percent below its peak
The national number, $253,000, is up 27 percent from the market trough
and is only 5.3 percent off of the peak reached in June 2006.
Among states the strongest month-over-month price gains were in New York
(1.2 percent which gave it a new all-time high of $357,000), South Carolina
(0.6 percent) and Oregon, New Mexico, North Carolina, and Utah at 0.5 percent. California was not alone in losing ground;
Ohio was down 0.4 percent as was Connecticut.
New Hampshire, Wisconsin, and Virginia, all dipped by 0.3 percent.
Among Metro areas New York City, Cape Coral and Naples all scored 1.0
percent gains. Milwaukee had the largest
decrease at 0.7 percent and Cleveland, Springfield, and Mansfield Ohio; Decatur
and Rockford, Illinois, and Springfield, Massachusetts were all at -0.6
On the other side of the coin, Tennessee and Texas again set new price
peaks as did seven of the 40 largest metro areas.