LPS: Home prices remain at highest levels since 2007
Only three of the 20 largest U.S. states recorded a drop in home prices from July to August, as overall home values increased a slight 0.4%, according to the latest Lender Processing Services U.S. Home Price Index report.
LPS also noted that home sales through August stayed at their highest levels since 2007, suggesting a strong recovery in the first eight months of the year.
Home values escalated 9% from the same period last year, the mortgage analytics firm said.
Pennsylvania, Colorado and Rhode Island were the only states to post negative movement, falling -.1%, -.3% and -.3%, respectively. Meanwhile, Nevada, Florida and Michigan were alone in experiencing a full percentage point or better in growth, rising 1.4%, 1% and 1%, respectively.
The report is conducted from a survey of over 18,500 different U.S. ZIP codes.
The average price of $231,000 in August is up slightly from $230,000 in July and a leap from $212,000 in August 2012.
In addition to Texas posting a new peak HPI of $185,000 in August, up 7% from $172,000 a year ago, four of the state’s top metros also saw their HPI's grow.
The HPI's in Austin, Dallas, Houston and San Antonio increased to $240,000, $184,000, $185,000 and $172,000, respectively.