U.S. home prices hit another new peak in October, with the average price reaching about $283,000 – an increase of 0.29% compared with September and an increase of 6.48% compared with October 2016, according to Black Knight’s home price index.
Home prices increased on average by 6.39% since the start of 2017, according to the report.
After six straight months of slowing growth, the rate of monthly appreciation shifted upward from that seen in September.
For the fourth month in a row, New York led all states in monthly appreciation, with home prices there rising 0.98% compared with September.
Rounding out the top five states for monthly home price appreciation were Idaho (0.94%), Utah (0.75%), Vermont (0.74%) and Nevada (0.68%).
The average home price fell in eight states, with Alaska seeing the largest decrease at -0.47%.
San Jose, Calif., continued to show strong growth, leading all metro areas with 1.86% monthly appreciation. Home prices in that metro are up more than 17% year-over-year, according to the report.
Eleven of the nation’s 20 largest states and 12 of the 40 largest metros saw home prices hit new highs in October, Black Knight says.