Black Knight Home Price Index Report: March 2014 Transactions

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U.S. Home Prices Up 1.0 Percent for the Month; Up 7.0 Percent Year-Over-Year

  • U.S. home prices now just 12.8 percent off 2006 peak

  • Michigan and Washington, D.C., lead monthly gains

  • Connecticut is the only state to register a monthly decline

  • Seven of the 40 largest metro areas hit new peaks in March

JACKSONVILLE, Fla. -- May 27, 2014 -- Today, the Data & Analytics division of Black Knight Financial Services (formerly the LPS Data & Analytics division) released its latest Home Price Index (HPI) report, based on March 2014 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 18,500 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.

Note: All dollar figures are in thousands.


Table 1:
BKFS HPI March 2014 - Table 1
 
Table 2: HPI from 2005 – 2014. Percentages are relative changes of HPI from dates shown to March 2014.
BKFS HPI March 2014 - Table 2
 
Tables 3 – 5 give brief summaries of March data for the largest states and metros, and Tables 6 and 7 provide more detail, as in Table 2.

Table 3: 
BKFS HPI March 2014 - Table 3

Table 4:
BKFS HPI March 2014 - Table 4 

Table 5:
BKFS HPI March 2014 - Table 5 

Table 6: Details for largest 20 states in alphabetical order. Percentages are relative changes of HPI from dates shown to March 2014. Numerical ranking by most recent month’s percentage change follows state name.
BKFS HPI March 2014 - Table 6 

Table 7: Details for largest 40 metropolitan areas covered by Black Knight data in alphabetical order. Percentages are relative changes of HPI from dates shown to March 2014. Numerical ranking by most recent month’s percentage change follows metro name.
BKFS HPI March 2014 - Table 7 

Table 7 (cont.):
BKFS HPI March 2014 - Table 7b
 
To view and download the graphics within this release, click here.

About the Black Knight Home Price In​dex

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 18,500 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 press release 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.

About Black Knight Financial Services, LLC

Black Knight Financial Services, a Fidelity National Financial (NYSE:FNF) company, is the mortgage and finance industries’ leading provider of integrated technology, data and analytics solutions. Comprised of technology offerings from the union of LPS and ServiceLink, Black Knight Financial Services offers leading software systems; data and analytics offerings; and information solutions that facilitate and automate many of the business processes across the mortgage life cycle.

Black Knight Financial Services helps clients in the mortgage industry and beyond achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.BKFS.com.
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