Lender Processing Services (LPS) Home
Price Index (HPI) rose 0.6 percent in July compared to June. The index has increased 7.5 percent since the
end of 2012 and is 8.7 percent higher than it was in June 2012.
LPS bases its HPI report based on the
month's residential real estate transactions and a repeat sales analysis of its
property and loan-level databases. The
HPI represents the price of non-distressed sales by taking into account price
discounts for bank-owned property (REO) and short sales.
The July index was at $231,000 compared
to $229,000 in June, $214,000 at the end of the year, and $212,000 in July
2012. Thus the index rose as much in the
most recent month ($2,000) as it did in the period of July through December
2012. The current index is 14.7 percent below the
national housing price peak of $270,000 reached in June 2006.
Minnesota and Utah posted the largest
month-over-month price increases; both were up 1.1 percent. Florida and Nevada were each up 1.0 percent
followed by Georgia, North Dakota, Arizona, Michigan, and Idaho all of which
increased 0.9 percent. At the bottom
were Pennsylvania, unchanged from June, Vermont, up 0.1 percent and New Mexico,
North Carolina, Missouri, Arkansas, Nebraska, and Connecticut, each of which
posted an 0.2 percent increase.
Among large metropolitan areas Orlando
had the largest monthly improvement at 1.6 percent followed by Stockton and
Modesto, California at 1.4 percent and 1.3 percent respectively. The largest negative changes were in Akron
and Winston North Carolina at -0.4 percent each followed by Ocean City, New
Jersey and Harrisburg each down 0.3 percent.