According to a new report from Black Knight Financial Services, California’s home price index (HPI) rose in 2016 to 481,000, a 6.7 percent increase over 2015 but still 8.1 percent below the May 2006 peak.

As of November, 2016, San Jose was the nation’s most expensive major housing market, with an HPI of $904,000 which is actually 1.5 percent below its May 2016 mark.

Since the low point, San Jose home prices have increased 78.9 percent, the second highest rate of appreciation in the country. San Francisco’s HPI in November was $771,000, making it the second priciest U.S. real estate market behind San Jose.