WASHINGTON (4/28/15)--Home prices climbed 0.7% in February and jumped 4.6% on an annual basis for the month, according to recent numbers from Black Knight Financial Services (Economy.com April 27).
February's performance, pushing average home prices up to $242,000, was the largest monthly increase for home prices since June 2014.
The Black Knight home price index reached its peak in June 2006, when prices climbed to $268,000.
Nine of the nation's 40-largest metros saw home prices rise to new highs in February, including Austin, Texas; Columbus, Ohio; Dallas; Denver; Honolulu; Nashville, Tenn.; San Antonio; and San Jose, Calif.
Further, home prices in Colorado, New York and Texas reached peak levels in February. Colorado led all large states with a 9.4% year-over-year increase in home prices.
Connecticut, Massachusetts, New Jersey and Pennsylvania, which are also part of the 20 largest states, experienced yearly declines in home prices, however.
On the metro level, Las Vegas continues to fall furthest behind its pre-recession peak, with home prices 41% below their May 2006 highs.