LPS: Home price increases slowed in October
No state saw increases higher than a full percentage point
October proved to be a tepid month for home prices, with no state increasing more than a full percentage point, according to Lender Processing Services’ most recent U.S. Home Price Index report.
As a whole, the national home price index marginally grew, increasing 0.1% for the month. It's now up 8.8% from last year and 8.2% from the beginning of the year.
The HPI hit $232,000 in October, compared to $213,000 a year ago and $214,000 in December 2012.
Meanwhile, Rhode Island witnessed the largest home price gain, increasing 0.8% from September, compared to Oklahoma, which ranked last at -0.4%. Massachusetts, Georgia and New York followed closely behind, rising a slight 0.7% in October.
The situation was the same in metropolitan areas, with Boston and Miami seeing 0.9% increases in home prices, the data analytics firm found.
In addition, after months of setting new highs, Texas — and the major metropolitan areas of Austin and Dallas — saw a slight pullback in October.
Eight of the 20 largest states recorded slight month-over-month drops in prices, including California, Texas and Colorado.
The report is conducted from a survey of over 18,500 different U.S. ZIP codes.