Photo: Kenny Louie/Flickr
With national home prices creeping up, the US housing market continues to recover from the 2007-2008 collapse.
In November, home prices narrowly rose by 0.1 percent from October to $253,000, a level that is 5.5 percent higher than it was at the same time a year ago, according to the latest Black Knight Home Price Index Report.
Black Knight, a US-based big-data firm that provides real estate analytics, taps into public records of repeat sales as well as its own data to create the index, which spans close to 90 percent of all residential properties in the country, according to the company.
November 2015’s index price is closing in on the all-time high of $268,000 posted in June 2006, just before prices began to decline, although performances varied from market to market.
As has been the trend since July this year, New York State once again posted the largest monthly price increase of any state. The index price for the state in November hit a new high of $357,000, up 1.2 percent from October.
Meantime on the west coast, California — which alongside New York is home to some of the hottest markets in the country — residential real estate prices were down 0.2 percent to $448,000, the second straight month of declines for the Golden State.
“Seasonally adjusted numbers suggest continued but slowing growth for the state,” Black Knight stated.
The greatest monthly index-price declines were in Ohio and Connecticut as both saw values drop 0.4 percent.
Among the 40 metro areas Black Knight tracked, New York City and two Floridian urban centres, Cape Coral and Naples, posted the largest price gains month-over-month in November. Prices in these metro areas were up 1 percent from the month before.
The worst-performing metro area in the eleventh month of 2015 was Milwaukee, where prices declined 0.7 per cent compared to October.