Home prices across the US increased month over month and year over year in December, according to the Home Price Index (HPI) released by Black Knight for December residential real estate transactions.
The US HPI was $283,000 in December, an increase of 0.1% from the previous month. Home prices closed the year 6.6% above end of 2016. December marked 68 consecutive months of annual home price appreciation.
Once again, New York posted the biggest monthly gain in December among all states. Home prices in the state rose 1.71% compared to November. New York was followed by Nevada with a 0.81% increase, Georgia with a gain of 0.69%, and South Carolina, which saw prices tick up 0.60% month over month.
New York City only ranked third among metros with a 1.25% monthly increase in prices. Dover, Del., took the top spot with a 1.95% gain. Prices in Spokane, Wash., rose 1.39% from November.
Meanwhile, home prices fell 1.13% month over month in Ohio, which recorded the most negative movement. The state also accounted for seven of the 10 worst-performing metros across the US.
In December, nine of the 20 largest states posted home price declines. On the other hand, six of the largest states reached record highs. Twenty of the 40 largest metros saw prices decline during the month, while 11 of the largest metros hit new peaks.
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