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Home prices<\/a> are going up across the country after slowing for more than a year, according to a new report from data and analytics company <\/strong>Black Knight<\/strong><\/a>.<\/p>\n The report found that nationally, home prices in June rose by 0.67% month-over-month on a seasonally adjusted basis. Meanwhile, the annual home price increase was 0.8% in June, up from just 0.2% in May. <\/p>\n Calling the June price increase an inflection point, Black Knight Vice President of Enterprise Research Andy Walden said the rate of home price increases would have a \u201clagging, but significant impact on the annual rate of appreciation.\u201d <\/p>\n Month-over-month, home prices increased in more than 60% of markets, with notable exceptions in Austin<\/a> and San Antonio, where prices declined month to month in June on a seasonally adjusted basis. The strongest price growth was in Hartford<\/a> (+1.2%), Seattle (+1.2%) and San Jose (+1.2%).\u00a0<\/p>\n \u201cAt the national level, home prices have now fully erased their 2022 corrections hitting new all-time highs in June on both seasonally adjusted and non-seasonally adjusted bases,\u201d the report said.<\/p>\n Annual growth was strongest in the Midwest and Northeast markets, while West Coast and pandemic boom markets continue to see prices run below last year\u2019s levels. Milwaukee (+6.4%), Cincinnati (+5.7%), and Philadelphia (+5.6%) are more than 5% above last year\u2019s price peaks, with a handful of Midwest and Northeast markets, including Kansas City, Virginia Beach, Richmond, Baltimore, Providence, St. Louis and Chicago up more than 4%.<\/p>\n Rising home prices also boosted homeowner equity<\/a> levels. The average mortgage holder now has $199,000 in equity, up from $185,000 in the first quarter, but down from $207,000 at the same time last year. Strong equity positions are one element of today\u2019s historically strong mortgage performance, the report said.<\/p>\n The June report also quantifies the savings during the last big wave of refinance activity<\/a>. Existing homeowners who have benefitted from $42 billion in cumulative savings through refinancing in the past three years<\/a> are now also benefiting from strong income growth, according to Black Knight. Existing homeowners need 21% of the median household income to make the average monthly principal and interest payment, compared to more than 36% for prospective homebuyers in today\u2019s market.\u00a0<\/p>\n Low interest rates locked in during the pandemic are keeping payments down for existing homeowners and contributing to low delinquency levels<\/a>. Meanwhile, owing to high interest rates<\/a>, affordability for prospective homebuyers is at near 37-year lows.\u00a0<\/p>\n For existing homeowners, the relatively low share of income required to meet mortgage obligations along with the strong credit quality are contributing to a 16-year low in seriously delinquent mortgages, the report said.<\/p>\n