National home prices continue to rise, according to the most recent Black Knight Home Price Index report for the month of May. The median HPI for the nation sits at $278,000.While largely insignificant, this month’s increase continues to stack on overall home price appreciation. On an annual rate, prices only rose 1.1 percent from April to May, but the year-to-date total amounts to 4.6 percent increase, a rate which continues to grow. That rate is further exacerbated by comparing it to the year-over-year increase, which amounted to 6.1 percent.
On a more regional scale, home prices rose across the country. Twenty out of 40 of the largest states in the United States saw home prices increase during the month of May. In particular, the state of Rhode Island saw home prices rise 1.7 percent month-over-month. Washington, Utah, Montana, and Idaho were a close second, at a 1.6 percent increase month-over-month.
At an even smaller scale, Spokane, Washington and Carson City, Nevada led the country month-over-month with a 1.9 percent increase. Similarly, Seattle, Washington had the largest increase of any metro in the country, with a 10.3 percent increase year-to-date; San Jose, California had an appreciation of 9.0 percent.
In addition, over half the largest states that are tracked by Black Knight reached new peaks this month, including, Georgia, Texas, New York, North Carolina, Indiana, Wisconsin, Washington, Massachusetts, Pennsylvania, Tennessee, and Wisconsin.
Looking further, half of the 40 largest metros hit record highs this month, including: Atlanta, Georgia; Boston, Massachusetts; Austin, Texas; Dallas, Texas; Charlotte, North Carolina; Seattle, Washington; Cincinnati, Ohio; Nashville, Tennessee; Minneapolis, Minnesota; Pittsburg, Pennsylvania; Portland, Oregon; San Jose, California; and San Francisco, California all posted year-high numbers.