Home price are again approaching the high point they
reached in 2006, before the bottom fell out of the housing market. Black Knight in its Home Price Index Report
for April says that U.S. home prices are now only 12 percent off of that
Black Knights Home Price Index (HPI) was up 0.9
percent in April to $236,000 from $234,000.
This is 6.4 percent higher than the HPI in April 2013 of $222,000. Prices peaked nationally in June 2006 at
Nineteen of the 20
largest states posted month-over-month increases with Arizona which was
unchanged for the month, being the lone exception. The largest gains were in Georgia and
Massachusetts each of which posted 1.6 percent appreciation. Maryland was up 1.4 percent and Delaware and
Michigan each increased by 1.3 percent. After
Arizona the smallest price increases were in Iowa (0.4 percent) followed by
five states that each posted increases of 0.5 percent, Vermont, Nevada, Nebraska, New York, and Hawaii.
Texas and Colorado set new price peaks as they have done
each month since mid-2013. Dallas,
Denver, Houston, San Antonio, Austin and San Antonia also each set another new
post-crash high and were joined in April by Nashville. That city set a new HPI of $200,000, up 1.4
percent from March.
Black Knight's report summarizes sales concluded each month
using a repeat sales analysis of home prices on their transactions dates. The HPI represents the price of
non-distressed sales by taking into account price discounts for bank-owned real
estate (REO) and short sales.