U.S. home prices crept up 0.9% in May compared to April but were still down 11.1% compared to the peak in June 2006, according to Black Knight's monthly home price index (HPI) report.
The average price for a home in the U.S., based on closings, was $239,000 in May, compared to $236,000 in April. The average price in May 2013 was around $225,000 – however, the average price in June 2006 was around $268,000.
States that saw the biggest gains in home price appreciation in May compared to April included Rhode Island (+1.5%), Michigan (+1.4%), Colorado (+1.4%), Connecticut (+1.4%) and Idaho (+1.3%).
States that saw the smallest gains in home price appreciation included Arizona (+0.3%), Iowa (+0.4%), Hawaii (+0.5%), New York (+0.5%) and Nebraska (0.5%).
Metropolitan areas that saw the biggest gains in price appreciation in May included Bridgeport, Conn. (+1.6%); Houston (+1.6%); Denver (+1.6%); Grand Rapids, Mich. (+1.5%); and Norwich, Conn. (+1.4%).
Metropolitan areas that saw the smallest gains in May included Tucson, Ariz. (-0.1%); Lakeland, Fla. (0.0%); San Luis Obispo, Calif. (+0.1%); Los Angeles (+0.2%); and Baton Rouge, La. (+0.2%).
Overall, the 20 largest states and 40 largest metros all saw month-over-month growth.
Last week, the Federal Housing Finance Agency (FHFA) reported that U.S. home prices inched up 0.4% on average in May compared to April. The FHFA's HPI is calculated using home sales price information from mortgages either sold to or guaranteed by Fannie Mae and Freddie Mac.
To view the Black Knight report, click here.