LPS Home Price Index Rises; 9 of The Top 10 Metro Areas in CA

LenderrnProcessing Services, Inc. (LPS) said Monday that its Home Price Index (HPI) forrnFebruary was up 1.0 percent to $210 from the end-of-January Index of $208.  The February 2013 index is 7.03 percentrnhigher than the $196 HPI at the end of February 2012 but remains well below thernpeak HPI of $265 in June 2016.</p

ThernLPS HPI is based on a repeat sales analysis of home prices as of theirrntransaction dates for each of more than 15,500 ZIP codes.  It represents the price of non-distressedrnsales by taking into account price discounts for sales of foreclosed homes andrnshort sales.</p

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Statesrnwith the largest month over month increases in HPI were California andrnWashington State which were both up 2.2 percent, Nevada with a 1.8 percentrnincrease and Hawaii and Illinois up 1.6 percent and 1.4 percent respectivelyrnrounded out the top five states. </p

Connecticutrnwas the only state where the HPI declined; it was down 0.3 percent.  Other states with small but positivernmonth-over-month changes were Vermont and Rhode Island (0.2 percent each), andrnOklahoma (0.3 percent). </p

The top three metropolitan areas with the largest increases comparedrnto January were in California; San Jose (3.2 percent), San Francisco (2.8rnpercent), Vallejo and (2.6 percent).  Number four was Seattle at 2.5 percent, but the remainder of the top five metro areasrnwere also California cities.  </p

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Allrnfive of the cities with negative HPI changes in February were in Connecticut -rnHartford (-0.4 percent), Norwich, New Haven, Bridgeport, and Torrington, all atrn-0.2 percent.  The only other metro arearnin the negative column was Palm Bay, Florida (-0.1 percent.)

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