U.S. home prices reached a new record high in June, with values increasing 5.5% since the beginning of the year, according to Black Knight Financial Services.
Black Knight's national home price index reading was $281,000 in June, up 6.2% from a year ago and a new record.
All 50 states saw a rise in home prices from May to June; prices grew about 0.9% month over month.
Among U.S. states, Michigan saw the most growth, with a price appreciation of 1.9%. Up 1.8%, Wisconsin trailed just behind Michigan and saw the second-greatest increase in home prices.
Among the country's 40 largest metro areas, home prices in Las Vegas, Nashville, Tenn., and Seattle all reported gains of 10% or more from June of last year.
Of all metropolitan areas, home price appreciation was greatest in Carson City, Nev., with a growth of 2.2% from May to June; house prices rose the most in Carson City for the second consecutive month.
Home price appreciation was lowest in Bremerton, Wash., where home prices actually declined by 0.9%. Prices in Daphne, Ala., and Hilton Head Island, S.C., also decreased, but only by 0.1%. Prices in Myrtle Beach, S.C., showed no change.
With inventory still tight and unable to support demand, U.S. home prices will continue to appreciate at a gradual pace throughout 2017, according to the National Association of Home Builders.