LPS: West Coast States Leading Home Price Growth

Lender Processing Services April home price index report released today confirms a sustained housing recovery is taking place nationwide.

The Jacksonville, Fla.-based analytic firm reported that all 20 of the largest states and 40 of the biggest metropolitans did not experience negative month-over-month or year-over-year home value declines through April.

Overall, based off of approximately 16,000 ZIP codes nationwide, home prices in April were up 1.5% from March and 8.1% compared to a year ago, LPS said.

With the national home price average now at $217,000, LPS said the HPI has risen 4.5% since the start of this year. Due to this increase, home values are now only 18.2% off the June 2006 peak of $265,000.

California, Nevada, Oregon and Washington state all saw home values rise 2% or higher in April, by 2.6%, 2.3%, 2.1% and 2%, respectively. The states that had the lowest home price appreciation were Rhode Island, Tennessee, Virginia, Hawaii and North Carolina.

One of the main reasons why California had the greatest amount of home price appreciation across the country was because nine of the 10 biggest metropolitan movers in terms of home values were located there. For example, San Francisco topped the list in terms of positive metro area growth with a month-over-month increase of 3.6%. Other notable California markets to make this list were Sacramento and San Jose both up 3%, while Stockton, Truckee, Santa Rosa and Napa all had values rise by 2.8% from March to April.

The lone metropolitan market to make the top 10 list that did not reside in California was Bend, Ore., which had home price growth of 2.7%.

Article source: http://www.nationalmortgagenews.com/dailybriefing/west-coast-states-leading-home-price-growth-1037140-1.html

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