Lender Processing Services said home prices continue to rise at a moderate pace since the beginning of the year, as values increased from May to June by 1.2%.
Since the start of 2013, the LPS home price index has gone up 6.9%. On a yearly basis through June 2013, the HPI has risen by 8.4%.
As of June, the U.S. HPI stands at $229,000, which is down 15.2% from the peak experienced seven years ago of $270,000.
The Jacksonville, Fla.-based analytics provider said Nevada had the largest home price increase in June, up 2.4% on a monthly basis. Meanwhile, in that state, Las Vegas experienced a 2.5% uptick compared to the prior month and a 27% uptick since June 2012, which is the highest out of the 40 largest metropolitan areas analyzed by
Furthermore, nearly half (19) of the 40 MSAs had double-digit growth year-over-year. Besides the surge that happened in Las Vegas, other cities with significant home price appreciation was San Francisco and Sacramento, both up 23.9%, San Jose was up 20.1%, Riverside, Calif., rose by 19.8%, and Atlanta saw values increase by 13%.
Additionally, Colorado and Texas both hit new peaks in June, at $256,000 and $182,000, respectively. Also, several metropolitans in these states reached record highs, including Denver ($265,000), Austin ($237,000), Dallas ($182,000) and Houston ($181,000).
The LPS HPI summarizes sales concluded during each month using a repeat sales analysis of home prices as of their transaction dates. Each month for each of more than 18,500 ZIP codes, the LPS HPI reports five price levels along with REO discount rates for each zip code, which are used in the HPI calculations to correct for the impact on estimates of open-market prices that REO sale prices would have.
