Home prices achieved a new peak in December while also marking 68 consecutive months in annual home price appreciation, according to Black Knight’s Home Price Index.
House values grew 6.62% to $283,000 from $265,000 year-over-year in December.
Increasing only 0.1% from November to December, home price growth is slowing, but values are still expected to rise through 2018 as inventory remains tight and homebuyer demand continues increasing.
Though home prices remained pretty steady from November to December, they spiked 1.71% in New York, the leader of all states in month-over-month appreciation. Nevada came second in home value growth, as prices increased 0.81%.
By metropolitan area, Dover, Del., led all cities in monthly home price growth, as values soared 1.95%. Spokane, Wash., took second place, with 1.39%, followed by New York, where home values grew 1.25%.
Of all states, Ohio saw the greatest decline in home price appreciation from November to December, as house values dropped 1.13%. The state was followed by North Dakota, where home prices depreciated 0.71%.
By city, Mansfield, Ohio, reported the greatest decrease in monthly price growth, followed by Lima, Ohio, where prices fell 1.58% and 1.54%, respectively.