National Home Prices Virtually Unchanged in October

Lender ProcessingrnServices (LPS) said today that its Home Price Index (HPI) was up a slight 0.1 percentrnin October.  The index for the month was $232,000,rna dollar amount that was virtually unchanged from October.  The October index was 8.8 percent above thernlevel in October 2012 ($213,000), and 8.2 percent higher than at the end ofrnlast year ($214,000.)  U.S. prices now stand down 14.1 percent from the peak of $270,000rnreached in June 2006.</p

The LPS index isrnbased on October residential real estate transactions and the company’s ownrnloan level databases.  It represents thernprice of non-distressed sales by accounting for price discounts for bank-ownedrnreal estate (REO) and short sales.</p

States with thernlargest month-over-month appreciation were Rhode Island (+0.8 percent) and Massachusetts,rnGeorgia, and New York, each of which posted a 0.7 percent gain.  Prices decreased by 0.4 percent in Oklahomarnand 0.3 percent in Washington, Tennessee, and New Mexico. </p

Among the largestrnmetropolitan areas the biggest price gains in October were in Boston and Miami,rneach up 0.9 percent and Atlanta and Provo, Utah where prices rose 0.8 percent.  The largest declines were in two Washingtonrncities, Kennewick and Spokane, each down 0.7 percent followed by San LouisrnObispo, California at -0.6 percent.  </p

San Antonio andrnHouston established new price peaks in October at $174,000 and $187,000rnrespectively.  Two of the cities thatrnwere among the first to break through pre-recessing peaks have now fallen offrnfrom those levels.  Denver has declined 0.7rnpercent from its July 2013 peak of $287,000 and Dallas is down 0.1 percent fromrnits peak of $184,000 established in September.

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