Home prices hit new peak (again)
U.S. home prices hit another new peak in August after just reaching a new high the previous month, according to Black Knight's Home Price Index. Prices rose nationwide to $282,000 in August, up over 6% from last year when the Home Price Index was $265,000.
Month-over-month, home prices only grew about 0.24% from July as the annual rate of appreciation remained steady at 6.24%.
New York lead all states in monthly appreciation for the second consecutive month, with home prices rising 1.58% in August. The state also accounted for nine of the 10 best performing metropolitan areas.
Nevada and Vermont followed New York in reporting top HPI changes from a year ago, with prices appreciating 1.04% and 1.03%, respectively.
Despite the national trend in home price growth, three states did see prices fall slightly in August; home values in Georgia, Maryland and Virginia depreciated by 0.17%, 0.05% and 0.23%, respectively.
Twelve of the country's 40 largest metropolitan areas also saw price declines, with Denver seeing the largest drop. Home prices in the Mile High City fell by 0.32%.
Though home prices in Seattle held steady in August, they have grown by just over 12% since the start of the year and over 14% from August 2016 in the Emerald City.
Half of the 20 largest states and 14 of the 40 largest metros hit new peaks in August. Comparatively, 11 states and 20 cities hit new peaks in July, representing smaller shares of each group than in recent months.