U.S home prices hit a new, post-crisis high in February, surpassing the previous peak set in June 2006, according to Black Knight Financial Services.
Black Knight’s Home Price Index (HPI) found the average price for homes in the U.S. reached $268,000, a 0.8 percent increase for the month and a 5.7 percent year-over-year increase.
According to the HPI, Washington’s 2.2 percent home appreciation in February led all states, with Seattle’s 2.7 percent increase leading all metropolitan areas. Six of the top 10 metropolitan areas were in Washington.
Colorado (1.6 percent) and Oregon (1.5 percent) followed Washington as the states with the highest home appreciation growth in February, the HPI found. Six states hit new peak averages in February. They were Massachusetts ($377K); New York ($371K); North Carolina ($205K); Tennessee ($191K); Texas ($232K) and Washington ($352K).
In February, 15 metropolitan areas hit peak averages. They were Austin, Texas ($308K); Boston ($436K), Charlotte ($218K); Columbus, Ohio ($187K); Dallas ($247K); Denver ($373K); Houston ($230K); Kansas City, Mo. ($189K); Nashville ($250K); Portland ($366K); San Antonio ($210K); San Francisco ($792K); San Jose ($942K) and Seattle ($435K).
Not all metropolitan areas thrived during February. The HPI found average home prices tumbled 4.7 percent in Tuscaloosa, Ala., the worst performing metro, and 0.5 percent in Atlantic City.