Home prices notched up slightly in January as housing markets in certain parts of the country continued to see impressive gains, a monthly report from Black Knight Financial Services found.
The Black Knight Home Price Index report noted that home prices grew 0.1% nationwide in January on a month-to-month basis and 4.6% year-over-year. This returns home prices to their upward trend after a slight decrease in December, according to the report released March 30.
New York State saw the biggest gains in home prices of any state with a 0.8% monthly increase, helping it reach a new peak. Home prices in New York City also grew by 0.8% in January, ranking the city in the top 10 nationwide.
Cities in Colorado and California dominated the rest of that list, with the only other city beyond those states to make the cut being Naples, Fla. San Jose, Calif., had the biggest growth in home prices at 1.3% month-to-month.
As for the states with the biggest declines in home prices, Connecticut and New Hampshire both dropped by 0.7% to top that list. New England’s decline continued into the list of bottom 10 metropolitan areas, with five cities featured including New Haven, Conn. (1.1%), and Springfield, Mass. (0.9%).
The rest of the bottom 10 was composed of cities in Florida including Pensacola, which led the nation with its 1.4% drop in home prices. The report noted that the housing market in Florida continued to struggle in January: prices fell in nearly all of its major cities and many metropolitan areas remained 30% off their precrisis peaks.