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February Home Prices, Tale of Two Coasts

Monday, April 27, 2015

U.S. home prices were up 0.7 percent from January to February according to the Home Price Index (HPI) report released by Black Knight Financial Services on Monday.  The HPI was at $242,000 for the month compared to $241,000 in January and was up 4.6 percent from the index level of $232,000 in February 2014. The gain in the HPI was the largest for a month since June 2014. 

There was a strong divergence in price performance on the two coasts.  The largest month-to-month changes among all states were in Washington where the HPI rose 1.8 percent followed by California (+1.5 percent), Oregon (+1.4 percent), Colorado (+1.3 percent), and Hawaii (1.2 percent).  Prices were down by 0.6 percent in Connecticut and 0.5 percent in both New Jersey and Vermont.  Three of the five remaining New England states also topped the list for price declines, Rhode Island, New Hampshire, and Massachusetts, all at -0.2 percent.

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