LPS: Home Prices Up Slightly in August, Detroit Leads the Way

Home prices rosern0.2 percent in August compared to July on the Home Price Index (HPI) producedrnby Lender Processing Services (LPS).  ThernLPS HPI is a repeat sales analysis of home prices as of their transaction datesrnbased on the company’s property and loan-level databases.   In its model the price of non-distressedrnsales takes into account price discounts for REO and short sales.</p

The HPI forrnAugust was $205,000, up from $204,000 in July and 2.6 percent above thern$199,000 level of August 2011.  The indexrnvalue is now 23 percent below the peak price of $266,000 reached in June 2006.</p

The largestrnincrease among the states was Minnesota where the HPI was up 1.2 percentrnclosely followed by Michigan with a 1.1 percent change, Maryland (0.8 percent),rnand the District of Colombia (+0.7 percent).  rnFour states, Iowa, Indiana, New York and Wisconsin had increases of 0.6rnpercent and the other two states in the top ten, Arizona and Ohio, each were uprn0.5 percent.  States with the largestrnnegative changes were Rhode Island (-0.6 percent), Oregon and Tennessee (-0.4rnpercent), Connecticut (-0.3 percent), Vermont and Washington (-0.2 percent) andrnNew Mexico, New Jersey, and Massachusetts (-01 percent).   </p

Detroit andrnMinneapolis had the greatest price increases among metropolitan areas,1.4 andrn1.2 percent respectively, while Visalia, California; Salem and Eugene, Oregon;rnand Chattanooga, Tennessee were tied at -0.7 percent for the largest negativernchange.

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