keep edging closer to pre-crash price levels and today's Home Price Index
report from Lender Processing Services (LPS) indicates that national prices are
now back within 15.2 percent of that peak.
The index for June rose to $229,000 from 226,000 in May, an increase of
1.2 percent and is up 6.9 percent from the end of last year. The peak, in June 2006, was $270,000.
LPS used its
loan-level databases and June 2013 residential real estate transactions to
conduct a repeat sales analysis of home prices.
The LPS HPI represents the price of non-distressed sales by taking into
account price discounts for bank-owned real estate (REO) and short sales.
the biggest month-over-month appreciation were Nevada, up 2.4 percent, Florida,
1.7 percent, and California and Illinois at 1.6 percent each. Other states with increases exceeding one
percent in a month were Delaware, Georgia, Utah, North Dakota, Colorado, and
All states showed
some appreciation from May to June but the smallest gains were in Nebraska at
0.4 percent, Alaska at 0.5 percent, and Iowa at 0.6 percent.
metropolitan areas with the best performance during the month were among those hardest
hit by the housing crisis - Stockton, California, up 2.6 percent; Las Vegas up
2.6 percent and Sacramento and Vallejo, California up 2.4 percent and 2.3
percent respectively. Harrisburg,
Pennsylvania and Ocean City, New Jersey were at the other end of the scale,
each posting 0.2 percent increases followed by Bremerton, Washington at 0.3
Among the 20
largest states, the only ones for which LPS provides detailed information,
several have HPI's substantially above the national average. California's HPI in June was $381,000,
Massachusetts, $362,000; New York, $321,000; Virginia, 311,000; and New Jersey,
$301,000. Two of these states are still
significantly below their peaks, California down 26.3 percent, and New Jersey,
21.2 percent. Massachusetts is only 10
percent off of its peak and Pennsylvania and Tennessee, each of which have
posted over 3 percent appreciation since the first of the year, are now down
only 5 percent from pre-crash highs. Both
Texas and Colorado, had surpassed their pre-crash peaks by May.