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Real Estate

LPS: December home prices rose 5.8% annually

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Home prices in the U.S. edged up 5.8% year-over-year in December as the average home price rose to $207,000, Lender Processing Services said in its latest Home Price Index.

Month-over-month, home prices jumped a slight 0.1% from November, but still remained well below peak pricing levels reached in June of 2006.

LPS surveys 16,000 ZIP codes to provide analysis of month-to-month home price fluctuations, which compares to S&P Case Shiller’s 20-city and national home price index, which breaks data down on a 3-month rolling basis.

LPS also takes into account the impact of distressed sales in the marketplace.

Of the nation’s five largest states, all of them except for New Jersey saw home prices edge up in December, LPS said.

While New Jersey prices fell 0.2% from November, California, Florida, New York and Texas saw month-over-month price appreciation.

The states experiencing the largest price increases included Nevada, with prices up 1.3%, and Florida, which saw a 1% rise in home price appreciation.

Dallas home prices grew 0.2%, while Los Angeles and New York both saw 0.5% increases from November to December.

Arizona maintained its reputation as a state experiencing a fast-paced home price recovery with home prices rising 16.5% in 2012.

The city of Phoenix experienced the largest price increase out of the top metro areas with home prices rising 20.3% over the course of the year, LPS said.

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