Reproduced with permission

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Fla. cities tops in nation for home price increases

JACKSONVILLE, Fla. – Feb. 26, 2014 – A report from Black Knight Financial Services (formerly Lender Processing Services) finds that December home values in the U.S. are within 13.9 percent of the peak reached in 2006.

Black Knight’s Home Price Index (HPI) found nationally that home values rose 0.1 percent month-to-month (compared to November 2012 numbers) and 8.4 percent year-to-year. The high point for U.S. home prices was $270,000 in June 2006. In December, the HPI found a median of $232,000.

From Black Knight’s analysis, it appears most U.S. cities saw their biggest price spike last year, and their dramatic price increases have begun to slow to a more balanced level.

Florida, however, seems to buck that trend a bit, with home prices still climbing faster in comparison to other U.S. states and cities.

According to Black Knight, Florida prices rose 0.6 percent month-to-month in December, coming in second to top-ranking New York with a 0.7 percent rise.

However, Florida cities logged eight of the top 10 spots for “Biggest Movers” when comparing metro areas. Only two other U.S. cities even made the list.

Biggest metro area movers month-to-month

1. Miami: 1.2% month-to-month December price increase
2. Sarasota: 0.9%
3. Key West: 0.7%
4. Fort Walton Beach: 0.6%
5. Poughkeepsie, NY: 0.6%
6. Lakeland: 0.6%
7. Port St. Lucie: 0.6%
8. Tulsa, OK: 0.5%
9. Naples: 0.5%
10. Palm Bay: 0.5%

To calculate its HPI, Black Knight says it looks at repeat sales prices and its loan-level databases. It claims the numbers take REO and short-sale price discounts into consideration.

© 2014 Florida Realtors®