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Takeaways:
- While overall U.S. home prices were up 1.1 percent from April to May, eight states in two regions saw month-to-month upticks of 1.5 percent to 1.8 percent.
- Amongst all U.S. states, New York led the way with an overall gain in home prices of 1.8 percent.
- California leads the 20 largest states with a 49.3 percent rate of appreciation from the national market bottom.
When it came to top states and metros for home price gains in May, the Northeast and upper Mid-Atlantic dominated the list.
While overall U.S. home prices were up 1.1 percent from April to May, eight states in two regions saw month-to-month upticks of 1.5 percent to 1.8 percent.
Amongst all U.S. states, New York led the way with an overall gain in home prices of 1.8 percent.
Vermont, New Jersey, Connecticut, New Hampshire and Rhode Island all saw prices rise by 1.6 percent in May. Pennsylvania and Massachusetts each experienced month-to-month rises of 1.5 percent.
Among the 20 largest states by population, New York, Tennessee and Texas all hit new peaks in May.
California leads the 20 largest states with a 49.3 percent rate of appreciation from the national market bottom.
It’s no surprise that nine of the top 10 performing metros for May were located in the Northeast and upper Mid-Atlantic. The following markets all saw rises of 1.9 percent or 1.8 percent:
- Keene, New Hampshire
- Utica, New York
- New York, New York
- Willimantic, Connecticut
- Lock Haven, Pennsylvania
- Seneca Falls, New York
- Amsterdam, New York
- Claremont, New Hampshire
- Sunbury, Pennsylvania
The top-performing metro overall was Janesville, Wisconsin. The market saw a 3.1 percent rise.
When looking at the nation’s five largest metros — aside from New York — Los Angeles and Chicago saw 1.1 percent increases in May. Dallas and Houston saw rises of 1 percent and 0.9 percent, respectively.
Black Knight notes that as of May, home prices in San Francisco and San Jose are nearly 70 percent above where they were at the market’s bottom.
Also of note, 12 of the nation’s 40 largest metros hit new home-price peaks in May:
- Austin
- Boston
- Dallas
- Denver
- Houston
- Nashville
- Pittsburgh
- San Jose
- San Antonio
- San Francisco
- Portland, Oregon
- Columbus, Ohio
