Home Prices Less Than 15 Percent Away From 2006 Peak

Lender Processing Services (LPS) HomernPrice Index (HPI) rose 0.6 percent in July compared to June.  The index has increased 7.5 percent since thernend of 2012 and is 8.7 percent higher than it was in June 2012.   </p

LPS bases its HPI report based on thernmonth’s residential real estate transactions and a repeat sales analysis of itsrnproperty and loan-level databases.  ThernHPI represents the price of non-distressed sales by taking into account pricerndiscounts for bank-owned property (REO) and short sales.</p

The July index was at $231,000 comparedrnto $229,000 in June, $214,000 at the end of the year, and $212,000 in Julyrn2012.  Thus the index rose as much in thernmost recent month ($2,000) as it did in the period of July through Decemberrn2012.   The current index is 14.7 percent below thernnational housing price peak of $270,000 reached in June 2006.</p

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Minnesota and Utah posted the largestrnmonth-over-month price increases; both were up 1.1 percent.  Florida and Nevada were each up 1.0 percentrnfollowed by Georgia, North Dakota, Arizona, Michigan, and Idaho all of whichrnincreased 0.9 percent.  At the bottomrnwere Pennsylvania, unchanged from June, Vermont, up 0.1 percent and New Mexico,rnNorth Carolina, Missouri, Arkansas, Nebraska, and Connecticut, each of whichrnposted an 0.2 percent increase.  </p

Among large metropolitan areas Orlandornhad the largest monthly improvement at 1.6 percent followed by Stockton andrnModesto, California at 1.4 percent and 1.3 percent respectively.  The largest negative changes were in Akronrnand Winston North Carolina at -0.4 percent each followed by Ocean City, NewrnJersey and Harrisburg each down 0.3 percent.

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