Knight Financial Services (formerly Lender Processing Services) reports that
home values in the U.S. as of December had recovered to within 13.9 percent of
the peak reached in 2006. Measured by
Black Knight's Home Price Index (HPI) the national single family home price was
$232,000, a 0.1 percent increase from November and 8.4 percent above the $214,000
HPI in December 2012. Nationally home
prices topped out in June 2006 at $270,000.
Knight says however that prices retreated slightly in December in 14 of the 20
largest states with the largest declines of 0.4 percent in North Carolina and
Washington and 0.3 percent in Connecticut and Maryland. The largest increase was in New York, up 0.7
percent, followed by Florida at 0.6 percent and Oklahoma, Texas, and Nebraska,
each up 0.4 percent.
metro areas the largest monthly increase was in Miami, which increased 1.2
percent to $240,000. This is still 31
percent below the peak of $352,000 the city achieved in May 2006. In addition to Miami seven other Florida
cities made the top ten among major metropolitan areas; Sarasota (0.9 percent),
Key West (0.7), Fort Walton Beach, Lakeland, Port St. Lucie at 6 percent each
and Naples and Palm Bay at 5 percent. Tulsa
and Poughkeepsie, New York rounded out the top ten metro areas.
Texas cities once again surpassed
previous peak price levels. The three,
Houston, Austin, and Dallas have done this almost monthly since last July. They had respective price increases of 0.5,
0.4, and 0.3 percent respectively from November to December to establish new
peaks of $188,000 in Houston, $243,000 in Austin and $186,000 in Dallas.
Knight bases its HPI on a repeat sales analysis of home prices from the
relevant month's residential real estate transactions combined with its loan-level
databases. The data covers 18,500 U.S.
ZIP codes and takes into account price discounts for REO and short sales.