Black Knight Prices Short of other Indices

Black Knight Financial Services announced on Monday that its Home Price Index for January rose 0.1 percent from the month before and was 5.3 percent higher than in January 2015.  The reported increase was considerably lower than those announced previously by CoreLogic (1.3 percent month-over-month and 6.9 percent annually) and the Federal Housing Finance Agency (0.5 percent and 6.0 percent).  The S&P Case-Shiller index will be released on Tuesday.

Black Knight says its HPI for January was $253,000, still 5.5 percent of the June 2006 peak of $267,000.  The HPI has recovered by 26.7 percent since hitting the market bottom in the spring of 2012.

The largest increase among states was in New York, up 0.9 percent month-over-month followed by Pennsylvania with an 0.7 percent gain and West Virginia at 0.5.  There were five states that had 0.4 percent increases, Oklahoma, Kentucky, Maine, Mississippi, and Kansas.  Prices declined by 0.4 percent in Illinois and 0.1 percent in Michigan.

Nine of the ten metro areas with the largest gains were in Florida or Pennsylvania led by Port St. Lucia, Naples, and Lebanon (PA) all at 9 percent.  New York City and Punta Gorda were at 8 percent.  Chicago's HPI declined 0.3 percent.  Nine metros and two states (New York and Texas) established new price peaks during the month.

The Black Knight utilizes repeat sales data from the nation's largest public records data set and its own loan level data to produce its HPI.