Black Knight: House Price Index up 1.1% in May, Up 5.4% year-over-year

Note: Black Knight uses the current month closings only (not a three month average like Case-Shiller or a weighted average like CoreLogic), excludes short sales and REOs, and is not seasonally adjusted.

Black Knight noted that among the 20 largest states it tracks, home prices in Indiana, Massachusetts, New York, Tennessee, Texas and Washington all hit new peaks in May.

As far as metros, Portland, Oregon leads the 40 largest metro areas in year-over-year growth at 13.2%. Following close behind are Seattle and Denver at 11.3% and 11.2%, respectively.

Not all metros and states posted positive results though. Of the 20 largest states and 40 largest metros, only Missouri and the St. Louis metropolitan area registered year-over-year declines in home prices.