U.S. home prices hit another new peak in August, rising 0.24% compared with July and increasing 6.24% compared with August 2016, according to Black Knight’s home price index.
August’s rate of monthly appreciation fell to less than half that of July’s, marking five consecutive months of slowing growth, the software, data and analytics firm says.
The average home price in the U.S. rose to about $282,000.
Leading the states in home price appreciation in August was New York, which saw an increase of 1.58% compared with July. It was followed by Nevada (1.04%), Vermont (1.03%), New Hampshire (0.85%) and New Jersey (0.72%).
Of the 20 largest states, only Georgia, Maryland and Virginia saw prices fall – 0.17%, 0.05% and 0.23%, respectively.
Twelve of the nation’s 40 largest metros saw slight declines as well, with Denver seeing the largest drop at just 0.32%.
Though remaining flat in August, home prices in Seattle have risen 12.02% from the start of 2017 and over 14% since last year, according to the report.
Ten of the 20 largest states and 14 of the 40 largest metros hit new home price peaks in August, representing smaller shares of each group than in recent months.