The Lender Processing Services Home Price Index for November is up a mere 0.5% from October, but when compared with November 2011, it is up 5.5%. For the first 11 months of the year, it is up 5.8%.
Jonathon Weiner, vice president of research and development at LPS Applied Analytics, commented, "November's price increases were modest on a national level, but continued the trend we've seen for the last several months and added to 2012's overall trend of appreciation.
"While it's important to remember that a number of external events could impact home prices moving forward, barring any unforeseen developments, we do expect this trend to continue through 2013."
The states with the largest month-to-month gains in November’s HPI are Florida, up 1.5%; New York, up 1.1%; District of Columbia, up 1.1; and Georgia, Nevada and Minnesota, up 0.9%. All 10 of the metropolitan areas where the largest gains occurred are in Florida.
Data from Florida’s Realtors for December have the median price for existing-home sales up 14% on a year-over-year basis.
Florida Realtors president Dean Asher, said, "Realtors from across the state are reporting increases in home sales and median prices. As a result of rising demand from investors and other buyers, there's a shortage of inventory in many markets, and it's putting pressure on prices."
There were two states where the HPI was negative—New England neighbors Massachusetts and Rhode Island.
