Home prices rise to new peak in August

However, the rate of monthly appreciation showed a continued deceleration in price growth

Home prices rise to new peak in August
Home prices across the US grew in August to reach another record high, according to the Home Price Index (HPI) released by Black Knight.

Based on August residential real estate transactions, the US HPI was $282,000, an increase of 0.24% month over month and a jump of 6.24% from the year-ago period.

However, the monthly appreciation was at a rate less than half that of July’s, representing the fifth straight month of decelerating growth.

During the month, half of the 20 largest states and 14 of the 40 largest metros reached new record highs for home price. Both figures represent smaller shares compared to recent months.

New York led all states in monthly home price appreciation for the second straight month with a 1.58% increase in home prices. The state also accounted for nine of the 10 best-performing metro areas.

Among the 20 largest states, Georgia, Maryland and Virginia posted the only decreases in home prices, with respective declines of 0.17%, 0.05%, and 0.23%. Meanwhile, declines were also recorded in 12 of the 40 largest metros. The biggest decline was 0.32%, recorded in Denver, Colo.

Home prices remained flat in Seattle, Wash., in August. However, they have risen 12.02% since the start of year and more than 14% since last year, Black Knight found.

Related stories:
Home prices climb in August
Home prices spike in July