CONTENTS 1 OVERVIEW 2 NATIONAL OVERVIEW 3 LARGEST STATES AND METROS 4 FEBRUARY S BIGGEST MOVERS 5 20 LARGEST STATES 6 40 LARGEST METROS 7 ADDITIONAL INFORMATION
OVERVIEW Each month, the Data & Analytics division of Black Knight Financial Services releases its Home Price Index (HPI) report. This month we look at data on February 2015 residential real estate transactions. The Black Knight HPI combines the company s extensive property and loan-level databases to produce a repeat sales analysis of home prices as of their transaction dates every month for each of more than 18,000 U.S. ZIP codes. The Black Knight HPI represents the price of non-distressed sales by taking into account price discounts for REO and short sales. Some highlights from February s data: U.S. home prices were up 0.7 percent for the month, and rose 4.6 percent on a year-over-year basis February saw the largest monthly gain in national home prices since June 2014 At $242K, the national level HPI is now just 9.5 percent off its June 2006 peak of $268K Home prices in three of the nation s 20 largest states Colorado, New York and Texas hit new highs in February Of the nation s 40 largest metros, nine hit new peaks Austin, TX; Columbus, OH; Dallas, TX; Denver, CO; Honolulu, HI; Houston, TX; Nashville, TN; San Antonio, TX; and San Jose, CA Colorado leads the 20 largest states tracked by the Black Knight HPI, with 9.4 percent year-over-year growth Of the 20 largest states, Connecticut, Massachusetts, New Jersey and Pennsylvania all saw prices decline in February; only Connecticut saw a yearly decline Las Vegas continues to lead the 40 largest metro areas in distance from its pre-crisis peak; home prices there remain almost 41 percent off their May 2006 highs To download high-resolution versions of the images and charts contained in this report, please click here.
BLACK KNIGHT HPI NATIONAL OVERVIEW Below, we look at national level home price trends. All dollar figures shown are in thousands. Percentages are relative changes of HPI from dates shown to February 2015. UNITED STATES February 2015 HPI $242 Change from last month HPIHPI 2005 2005 - current current US Jun 06 Peak Peak $268 9.5% Year Year Start Start of ofyr yr $232 4.6% $241 Month Month Feb Feb 2015 2015 $241 $242
LARGEST STATES AND METROS Here we look at monthly HPI changes for each of the five largest states and metro areas. Percentages are relative changes of HPI from January 2015 to February 2015. HPI CHANGES FR0M LAST MONTH Largest States Largest Metros California 1.5% Chic, IL Florida Dallas, TX 1.0% New Jersey - Los Angeles, CA 1.3% New York New York, NY 0% Texas Washington, DC
BLACK KNIGHT HPI LARGEST STATES AND METROS
FEBRUARY S BIGGEST MOVERS Below, we examine the top and bottom 10 largest monthly HPI changes among all U.S. states and metropolitan areas. Percentages are relative changes of HPI from January 2015 to February 2015. BIGGEST MOVERS: STATES Top 10 Bottom 10 Washington 1.8% New York California 1.5% Maryland Oregon 1.4% Kentucky Colorado 1.3% Pennsylvania - Hawaii 1.2% Massachusetts - Dist. of Columbia 1.2% New Hampshire - Alaska 1.1% Rhode Island - Arizona Vermont - Texas New Jersey - Louisiana Connecticut - BIGGEST MOVERS: METROS Top 10 Bottom 10 San Jose, CA 3.2% Providence, RI - San Francisco, CA 2.4% Trenton, NJ - Seattle, WA 2.0% Hartford, CT - Napa, CA 1.9% Ocean City, NJ - Santa Cruz, CA 1.8% Springfield, MA - Cape Coral, FL 1.7% Norwich, CT - Boulder, CO 1.6% Worcester, MA - Santa Barbara, CA 1.6% Torrington, CT -0.9% Denver, CO 1.5% Atlantic City, NJ -0.9% Portland, OR 1.5% New Haven, CT -1.3%
20 LARGEST STATES Below we present an expanded look at details for the largest 20 states, listed in alphabetical order. Percentages are relative changes of HPI from dates shown to February 2015. Each state s numerical ranking by the extent of February s percentage change in HPI follows the state name. HPI HPI 2005 - current Peak Peak Year Year Start of of yr Month Feb 2015 Arizona 4 May 06 $296 28.9% $204 3.3% 0.9% $211 California 2 May 06 $520 18.4% $399 6.3% $416 2.1% $418 1.5% $425 Colorado 3 Feb 15 $284 $259 9.4% $279 1.9% $280 1.3% $284 Connecticut 20 Jul 06 $321 22.0% $254 1.4% $254 1.4% $252 $251 Florida 13 Apr 06 $294 3 $194 5.6% $204 Georgia 12 Jun 07 $203 12.6% $168 6.1% $177 $177 $178 Illinois 6 Jul 06 $269 22.0% $202 4.0% $208 $208 $210 Mass. 18 Aug 05 $362 6.9% $326 3.4% $340 $338 $337 Maryland 16 Jun 07 $353 2 $281 $282 $282 $283 Michigan 7 Jul 05 $180 18.9% $140 4.5% $145 $145 $146 Minnesota 10 May 06 $250 1 $217 2.7% $222 $221 $223 North Carolina 14 Jun 07 $200 6.3% $182 2.7% $186 $187 $187 New Jersey 19 Jun 06 $382 19.9% $301 1.9% $308 $308 $306 New York 15 Feb 15 $342 $323 5.8% $338 1.0% $341 $342 Ohio 11 Jun 06 $157 9.2% $138 3.3% $142 $142 $143 Pennsylvania 17 Jul 07 $221 5.5% $208 $210 Tennessee 8 Jun 07 $173 1.7% $165 3.4% $169 $169 $170 Texas 5 Feb 15 $203 $189 7.6% $201 1.0% $202 $203 Virginia 9 Jun 06 $362 13.4% $310 1.2% $312 $311 $313 Washington 1 Jun 07 $320 9.4% $272 6.5% $284 2.0% $285 1.8% $290
40 LARGEST METROS Below we present an expanded look at details for the nation s 40 largest metropolitan areas covered by Black Knight data, listed in alphabetical order. Percentages are relative changes of HPI from dates shown to February 2015. Each state s numerical ranking by the extent of February s percentage change in HPI follows the state name. HPI HPI 2005 - current Peak Peak Year Start of of yr yr Month Feb 2015 Atlanta, GA 26 Jun 07 $212 13.7% $172 6.8% $182 $182 Austin, TX 22 Feb 15 $267 $247 7.8% $264 1.1% $265 $267 Baltimore, MD 34 Jun 07 $326 17.0% $271 $271 $270 $271 Boston, MA 35 Aug 05 $398 3.1% $369 4.5% $387 $385 $386 Bridgeport, CT 38 Jul 06 $507 23.3% $386 $391 $389 $389 Charlotte, NC 17 Aug 07 $204 5.3% $185 4.5% $191 1.1% $192 $193 Chic, IL 16 Jul 06 $283 22.7% 4.4% $216 0.9% $217 $218 Cincinnati, OH 28 Jun 06 $173 7.7% $153 4.5% $159 $159 $160 Cleveland, OH 33 Jun 06 $163 18.1% $129 3.2% $134 $133 $133 Columbus, OH 11 Feb 15 $176 $168 4.7% $174 1.1% $174 1.2% $176 Dallas, TX 13 Feb 15 $189 8.4% $202 1.4% $203 1.0% Denver, CO 4 Feb 15 $301 $270 11.5% $294 2.3% $297 1.5% $301 Detroit, MI 14 Jul 05 $194 24.9% $139 4.5% $145 $144 $145 Honolulu, HI 10 Feb 15 $524 $501 4.7% $517 1.4% $518 1.3% $524 Houston, TX 25 Feb 15 $192 8.8% $208 $208 Jacksonville, FL 31 Jul 06 $245 28.8% $170 2.5% $175 $174 $174 Kansas City, MO 23 Jun 07 $171 3.2% $161 3.1% $165 $165 $166 Las Vegas, NV 29 May 06 $332 4 $187 5.6% $197 $196 $197 Los Angeles, CA 9 May 06 $626 13.1% $517 5.3% $533 2.1% $537 1.3% $544 Miami, FL 36 May 06 $352 27.0% $240 6.7% $257 $256 $257
40 LARGEST METROS HPI HPI 2005 - current Peak Peak Year Start of yr Month Jan Feb 2015 Minneapolis, MN 29 May 06 $261 12.4% $222 3.0% $229 $229 $229 Nashville, TN 21 Jan 15 $206 $194 5.9% $206 New York, NY 3 Jul 06 $476 9.4% $408 5.7% $428 $428 $431 Orlando, FL 38 Jun 06 $278 34.8% $174 4.0% $181 Oxnard, CA 9 Apr 06 $619 2 $475 4.0% $492 $492 $494 Philadelphia, PA 24 Jul 07 $280 12.6% $244 $245 $245 $245 Phoenix, AZ 16 May 06 $311 3 $212 2.9% $217 $217 $218 Portland, OR 14 Jul 07 $309 5.4% $271 7.6% $291 $291 $292 Providence, RI 30 Jun 06 $310 2 $237 3.6% $246 $246 $245 Riverside, CA 25 Jun 06 $414 31.7% $269 4.8% $282 $282 $282 Sacramento, CA 13 Sep 05 $432 28.4% $292 6.0% $308 $308 $309 Salt Lake City, UT 22 Jul 07 $270 4.7% $247 4.3% $257 $257 $257 San Antonio, TX 19 Jan 15 $175 4.7% San Diego, CA 5 Aug 05 $559 15.4% $453 4.4% $470 $470 $473 San Francisco, CA 4 May 06 $671 3.2% $590 1 $645 $645 $650 San Jose, CA 1 Jan 15 $774 $696 11.3% $765 1.3% $765 1.3% $774 Seattle, WA 12 Jun 07 $385 12.1% $317 7.0% $338 $338 $339 St. Louis, MO 32 Jun 07 $196 9.9% $175 1.0% $177 $177 $176 Tampa, FL 39 May 06 $254 3 $167 5.3% $178 1.0% $178 1.0% $176 Washington, DC 17 May 06 $453 16.3% $374 1.4% $379 $379 $379
ADDITIONAL INFORMATION About the Black Knight HPI: The Black Knight HPI is one of the most complete and accurate home price sources available. It summarizes sales concluded during each month using a repeat sales analysis of home prices as of their transaction dates. Each month for each of more than 18,000 U.S. ZIP codes, the Black Knight HPI reports five price levels (quintiles) along with REO discount rates for each ZIP code, which are used in the HPI calculations to correct for the impact on estimates of open-market prices that REO sale prices would have. This level of detail is provided for three property groupings in every ZIP code: i) all residential properties, ii) condominiums, and iii) single-family housing. Home prices are available with or without seasonal adjustments. The Black Knight HPI provides aggregates of all these values for larger geographies than ZIP codes: cities, counties, states, the nation and statistical areas defined by the White House Office of Management and Budget. The five historical paths of price levels can be easily used to find price paths of intermediate prices. By combining property and loan data in its repeat sales analysis, the Black Knight HPI covers about 89 percent of single-family residential properties in the U.S. The innovative approach used to maximize geographical resolution enables the Black Knight HPI to meaningfully cover about 98 percent of these properties at the ZIP-code level. In this report, the value and appreciation of the HPI reported is calculated assuming the entire stock of properties within each geography. The Black Knight HPI provides the financial industry with the most accurate valuations available from an HPI accuracies competitive with AVMs in out-of-sample tests. The Black Knight HPI is also the most accurately timed home-price information available detecting market changes sooner than other HPIs. For more information about gaining access to Black Knight s full HPI dataset for your business, please send an e-mail to dataanalyticsinfo@bkfs.com.