Home price appreciation slows down in September

Growth in prices was weaker for the sixth straight month

Home price appreciation slows down in September
Home prices in the US continued to see slower growth month over month in September, as home prices gained 0.16% from the previous month, according to the Black Knight Home Price Index Report for September.

On a year-over-year basis, growth accelerated slightly at 6.36% to a home price index of $282,000.

Black Knight said that the rate of monthly gains fell again during the month. The appreciation rate fell by one-third compared to the previous month and represents the sixth straight month of slowing growth.

Home prices in New York led all states for the third straight month with a 1.08% increase compared to August levels. Meanwhile, half of the 20 largest states in the US and 17 of the largest metros recorded a drop in prices from the previous month.

Among all states, the largest decrease was recorded in Michigan at 0.61%, while Detroit had the largest for all metros with a 0.58% drop. Despite the monthly change, home prices in Detroit remain more than 10% above levels recorded at the start of 2017.

During the period, the top 10 best-performing metros recorded growth in home prices of more than 1.1%. Kennewick, Wash., topped the list with appreciation at 1.99%.

San Jose, Calif., continued to record very strong growth, Black Knight said. Home prices in the city rose more than 15% year over year to a home price index value of just over $1.03 million. Home price growth in Seattle, Wash., and Las Vegas, Nev., respectively, at 14% and 11.57% from a year ago.

Black Knight also said that the number of states and metros recorded new home price highs continued to decrease. During September, just six of the 20 largest states and 11 of the 40 largest metros recorded new price peaks.

Related stories:
Meet the new year, same as the old year
1.4 million decrease for seriously underwater homes