Home prices steady in November but still hit new peak
After 67 months of consecutive home price appreciation, home prices hit a new peak at $283,000 in November 2017, according to Black Knight's Home Price Index.
Despite this new rise, prices seemed to level off on a monthly basis, growing only 0.27% from October. In November, home values grew 6.44% from the previous year and 6.49% from the start of 2017.
Home prices fell in six of the nation's 20 largest states, with Wisconsin seeing the greatest decrease in home value at 0.37%. On the other hand, New York led all states in monthly appreciation with a 1.36% increase in home prices.
Ten of the nation's 20 largest states and 12 of the nation's 40 greatest metropolitan areas reached new peaks in home value in November.
Together, New York and Florida accounted for seven of the month's top 10 performing metros in home price appreciation. Delaware and California held the other three spots in the top 10, with Dover, Del., leading the list with a 2.11% spike in home values.
Washington and Ohio accounted for seven of the 10 worst performing states in monthly home price growth in November, with Wisconsin, Maryland and Michigan also making the list.
Though Las Vegas saw a 13% annual rise in home price appreciation and gained 93% in home value from the market's value, it still remains 25% off its peak from 2006.
In the nation's top 40 metros, some cities that hit new peaks in November included Dallas, Denver, Seattle and Nashville, Tenn.