Residential real estate property price gains continued in August, albeit by a shrinking margin, according to Black Knight Financial Services.
Black Knight's August 2014 Home Price Index shows home prices increased 4.9% year-over-year, and merely 0.1% month-over-month. Comparatively, in July the index increased 5.1% from a year earlier and 0.2% month-over-month.
The Black Knight HPI combines property and loan-level data from more than 18,500 ZIP codes with repeat sales analysis of home prices, and also takes into account prices of nondistressed sales, discounts on bank-owned foreclosures and short sales.
Nationwide, New York, Michigan and Nevada posted the largest monthly property value gains, up by 0.6% from July.
New York saw the highest increase among the nation's five largest states, while New York City took the lead among the country's largest metropolitan areas, with 0.5% in month-over-month price gains.
Similarly, the index rose 0.5% in Texas and 0.4% in Dallas. Florida ranked third among the nation's largest states posting a price growth rate of 0.3%. Meanwhile, in California, and in Los Angeles, prices remained unchanged.
Home prices fell 0.1% in New Jersey, making it the only state among the five largest states in the report to see a decline. The index also fell 0.3% in Washington, D.C., the only top metropolitan area where prices fell month-over-month.
