U.S. home prices increased 0.5% in July compared with June and were up 6.2% compared with July 2016, according to Black Knight’s home price index report.
However, home price appreciation showed signs of slowing in July, according to the mortgage software, data and analytics firm. On a year over year basis, the rate of appreciation had stabilized, as of the end of July, after accelerating during all the preceding months this year.
The month of March saw the greatest increase in home price appreciation, when it jumped 1.3% compared with the previous month.
Since March, however, the rate of monthly appreciation has steadily slowed, Black Knight says.
States that saw the most home price appreciation in July included New York (1.8%), Rhode Island (1.2%), Montana (1.2%), Utah (1.0%), and Nevada (1.0%).
Of the 20 largest states, only Virginia saw home prices fall – on average down 0.2% compared with June.