Home prices in the U.S. rose 1% from January to February and 7.3% from year ago levels, Lender Processing Services said in its February U.S. Home Price Index report.
The average home price in February reached $210,000, a 1.3% improvement from the start of the year and another indicator of a healing housing market. A year ago, the average price hovered around the $196,000 mark.
California and Washington state reported the largest month-over-month gains, with both states seeing a 2.2% gain in home values.
Nevada – a hardest hit sand state – also saw prices recover by 1.8%, while Hawaii home prices edged up 1.6%.
Illinois also rebounded month-over-month with prices rising 1.4%.
The LPS Home Price Index is based on real estate transaction data from February and comes out a day before the release of the S&P Case/Shiller report.
LPS (LPS) analyzes data from more than 15,500 ZIP codes to compile its report.