Home prices achieved a new peak in December while also marking 68 consecutive months in annual home price appreciation, according to Black Knight's Home Price Index.

House values grew 6.62% to $283,000 from $265,000 year-over-year in December.

Increasing only 0.1% from November to December, home price growth is slowing, but values are still expected to rise through 2018 as inventory remains tight and homebuyer demand continues increasing.

Rising wages, in addition to this slowing growth, will help drive housing demand, but many markets will be especially tough on consumers' wallets.

Home prices

Though home prices remained pretty steady from November to December, they spiked 1.71% in New York, the leader of all states in month-over-month appreciation. Nevada came second in home value growth, as prices increased 0.81%.

By metropolitan area, Dover, Del., led all cities in monthly home price growth, as values soared 1.95%. Spokane, Wash., took second place, with 1.39%, followed by New York, where home values grew 1.25%.

Comparatively, house prices in other states and cities declined almost as high as the increases in other areas.

Of all states, Ohio saw the greatest decline in home price appreciation from November to December, as house values dropped 1.13%. The state was followed by North Dakota, where home prices depreciated 0.71%.

By city, Mansfield, Ohio, reported the greatest decrease in monthly price growth, followed by Lima, Ohio, where prices fell 1.58% and 1.54%, respectively.

Historically, home prices are up 42.23% from the market low point in January 2012, when house values were $199,000.

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