Photo: Harshil Shah/Flickr
Home prices in the US rose to a new post-crisis peak in February. Leading the country in price gains was Washington State, which not only recorded the strongest gains on the state-level, but also was home to 6 of the top 10 performing metros as well, according to a new report released yesterday by the mortgage and real estate data firm Black Knight Financial Services (BKFS).
According to the national Home Price Index (HPI), home prices rose to $268,000 in February — up 5.7 percent year-over-year, and up nearly 1 percent from the previous month. February’s reading set a post-crisis record high, matching the HPI peak reached in June 2006, says BKFS’ data.
Washington State’s HPI was up 2.2 percent in February from the previous month — the largest gain recorded in any of the 20 states studied for the report. Colorado and Oregon recorded solid monthly gains of 1.6 percent and 1.5 percent, respectively. New York, with monthly gains of 1.2 percent, was the only East Coast state to make the top 10, according to BKFS.
Seattle, WA landed in the number one spot of the top 10 performing metros, recording 2.7 monthly appreciation in February. The San Jose, CA, Denver, CO, and Bellingham, WA metros all recorded gains over 2 percent in February.
Washington state was also home to four other top-performing metros in February: Walla Walla (1.8 percent), Spokane (1.6 percent), Yakima (1.5 percent), and Wenatchee (1.5 percent).
Tuscaloosa, AL was the worst-performing metro for the third consecutive month, with prices dropping nearly 5 percent in February.
New peaks were hit in February in 6 of the country’s 20 largest states, and in 14 of the 40 largest metros, according to BKFS.
BKFS uses repeat sales data from the country’s largest public records data set, as well as its own loan-level mortgage data to gather home price information to calculate the HPI in 20 of the country’s largest states and in 40 of the country’s largest metro areas.
Click here to read the entire report.