Home price appreciation slows for the first time in 2017
After accelerating throughout every month this year, the rate of growth in year-over-year home price appreciation stabilized in July, according to the Black Knight Financial Services Home Price Index.
U.S. home prices are up 0.5% from June to July, and are up 6.2% from the same period last year.
After hitting a year high of 1.3% in March 2017, the rate of home price appreciation slowed, with prices growing 5.9% since the start of 2017.
Home prices generally increased across the country, with results varying by both city and state.
New York home prices showed continued strength in July, with a monthly appreciation of 1.8%. New York also led all states in home price appreciation in July and accounted for nine of the 10 best performing metropolitan areas.
Over half of the 20 largest states tracked by Black Knight hit new home price peaks in July: Georgia, Indiana, Massachusetts, Missouri, New York, Ohio, Pennsylvania, Tennessee, Texas, Washington and Wisconsin.
Of the nation's 20 largest states, only Virginia saw a decline in home prices, with a monthly depreciation of 0.2% from June.
Among the country's 40 largest metros, home prices in Virginia Beach, Va., Los Angeles and Washington, D.C., also saw declines.
Kennewick, Wash., was the only city in the top 10 best performing metropolitan areas that was not in New York, and saw a monthly price appreciation of 1.4%. For comparison, the top performing city for home price appreciation in July was Kingston, N.Y., where prices grew 1.9%.
In June, home prices rose 0.9% from May.