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All-Time High Home Prices in Four Metro Areas

by devteam July 29th, 2013 | Share

May home price rose 1.3 percent nationally on LenderrnProcessing Services (LPS) Home Price Index (HPI) the company said today.   Thernindex is now at $226 compared to $223 in April. rnYear-over-year the May figure is an increase of 7.9 percent compared torn$209 in May 2012.  The index remains 16.3rnpercent below the June 2006 national peak of $270.  Index figures are expressed in thousands.</p

The State of Texas along with three of its principal cities (Houston, Austin, Dallas)rnand the City of Denver, Colorado set new peak HPI levels in May.  The Texas HPI was $180, up 5.4 percent fromrnMay 2012 when the HPI was $171.  InrnAustin the new index was $234, up 8.4 percent year-over-year and 1.5 percentrnfrom April.  Dallas and Houston each increasedrn1.1 percent from April to new peak levels of $179 and were up on an annualrnbasis by 5.4 percent and 6.2 percent respectively.  Texas did not have the rapid increases in thernmid-2000s that were seen in much of the country and, perhaps as a result had arnmuch more modest “bust” from which to recover.</p

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Denver’s new peak HPI is $260, 9.1 percent above the $238rnHPI in May 2012.  Colorado is within 0.2rnpercent of its June 2007 peak of $253 with a May HPI of $252.rn</p

Nevada had the largest change in its April to May HPI of anyrnstate at 3.0 percent with California and Arizona following at 1.8 percent.  North Dakota and Washington, D.C. eachrnincreased by 1.7 percent.  Oklahoma hadrnthe smallest increase, 0.5 percent, followed by Arkansas and Louisiana (0.6rnpercent), Kentucky (0.7 percent), and Iowa, New Jersey, Vermont, and NewrnHampshire at 0.8 percent.</p

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Metropolitan areas with the largest increases were LasrnVegas, up 3.2, followed at 2.5 percent by San Francisco, Rena, and Sacramento.   At thernbottom was Ocean City, New Jersey at 0.1 percent.</p

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LPS said it had significantly expanded its property trackingrnwith this month’s report and now covers about 25 percent more counties, a totalrnof 1,900, and more than 18,500 Zip codes. rnThe HPI is derived through a repeat sales analysis for home prices as ofrntheir transactions dates and represents the price of non-distressed sales byrntaking into account price discounts for bank-owned real estate (REO) and shortrnsales.

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About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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