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Florida Real Estate Gains Pricing Momentum

by DeVore Design, July 27, 2015

Florida real estate is experiencing healthy gains compared to the rest of the country, and these gains put pressure on listing agents to produce the most value for their clients.  The real estate photography and related services provided by DeVore Design help achieve this by giving listings more viability, and by improving the listing agents image to potential sellers.

The Data and Analytics division of Black Knight Financial Services, Inc. (NYSE: BKFS) released its latest Home Price Index (HPI) report, based on May 2015residential real estate transactions. The Black Knight HPI combines the company’s extensive property and loan-level databases to produce a repeat sales analysis of home prices as of their transaction dates every month for each of more than 18,500 U.S. ZIP codes. The Black Knight HPI represents the price of non-distressed sales by taking into account price discounts for REO and short sales.

For a more in-depth review of this month’s home price trends, including detailed looks at the 20 largest states and 40 largest metros, please download the full Black Knight HPI Report at
http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/HPINow.aspx

Note: All dollar figures are in thousands.

United States HPI:

$251

Change from last month:

1.1%

Change from last year:

5.1%

Change from peak:

-6.5%

 

Largest States’ HPI Changes from Last Month

California:

1.1%

Florida:

1.1%

Illinois:

1.1%

New York:

1.8%

Texas:

0.9%

 

Largest Metros’ HPI Changes from Last Month

Chicago, IL:

1.1%

Dallas, TX:

1.0%

Houston, TX:

0.9%

Los Angeles, CA:

1.1%

New York, NY:

1.9%

 

Top 10 Movers, State-Level

New York:

1.8%

Vermont:

1.6%

New Jersey:

1.6%

Connecticut:

1.6%

New Hampshire:

1.6%

Rhode Island:

1.6%

Pennsylvania:

1.5%

Massachusetts:

1.5%

Oregon:

1.4%

Colorado:

1.4%

 

Top 10 Movers, Metro-Level

Janesville, WI:

3.1%

Keene, NH:

1.9%

Utica, NY:

1.9%

New York, NY:

1.9%

Willimantic, CT:

1.9%

Lock Haven, PA:

1.9%

Seneca Falls, NY:

1.8%

Amsterdam, NY:

1.8%

Claremont, NH:

1.8%

Sunbury, PA:

1.8%

To download the full Black Knight HPI Report, visithttp://www.bkfs.com/CorporateInformation/NewsRoom/Pages/HPINow.aspx

For more information about gaining access to Black Knight’s full HPI dataset for your business, please send an e-mail to dataanalyticsinfo@bkfs.com.

About the Black Knight Home Price Index

The Black Knight HPI is one of the most complete and accurate home price sources available. It summarizes sales concluded during each month using a repeat sales analysis of home prices as of their transaction dates. Each month for each of more than 18,500 U.S. ZIP codes, the Black Knight HPI reports five price levels (quintiles) along with REO discount rates for each ZIP code, which are used in the HPI calculations to correct for the impact on estimates of open-market prices that REO sale prices would have. This level of detail is provided for three property groupings in every ZIP code: i) all residential properties, ii) condominiums, and iii) single-family housing. Home prices are available with or without seasonal adjustments.

The Black Knight HPI provides aggregates of all these values for larger geographies than ZIP codes: cities, counties, states, the nation and statistical areas defined by the White House Office of Management and Budget. The five historical paths of price levels can be easily used to find price paths of intermediate prices. By combining property and loan data in its repeat sales analysis, the Black Knight HPI covers about 89 percent of single-family residential properties in the U.S. The innovative approach used to maximize geographical resolution enables the Black Knight HPI to meaningfully cover about 98 percent of these properties at the ZIP-code level.

In this press release the value and appreciation of the HPI reported is calculated assuming the entire stock of properties within each geography.

The Black Knight HPI provides the financial industry with the most accurate valuations available from an HPI – accuracies competitive with AVMs in out-of-sample tests. The Black Knight HPI is also the most accurately timed home-price information available – detecting market changes sooner than other HPIs.