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LPS Reports Strong National, State-Level Home Price Gains in April

National home prices, along with the 20 largest states, posted positive monthly and yearly gains in April, according to ""Lender Processing Services"":http://www.lpsvcs.com/Pages/default.aspx (LPS).

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LPS' Home Price Index (HPI) found prices in April stood at $217,000, up by 1.5 percent from March and up 8.1 percent from a year ago.

Year-to-date, prices jumped 4.5 percent. The national HPI is still 18.2 percent below its June 2006 peak, when the index averaged $265,000.

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LPS also reported short sales were sold at a discount of 25 percent compared to non-distressed sales in April, while REOs were marked down by about 26 percent. REO discounts were vastly different from state-to-state, with Nevada seeing discounts of about 10 percent, while discounts in New York averaged 40 percent.

For the second straight month, all 20 of the largest states tracked by LPS saw positive month-over-month growth.

Western states led the gains over the month, with California topping the list after rising 2.6 percent, followed by Nevada (+2.3 percent), Oregon (+2.1 percent), and Washington (+2 percent).

Metro-level home price growth was also solid, with all 40 of the largest metros also posting annual and monthly gains.

Out of the 10 metros that experienced the biggest improvements month-over-month, nine were in California.

San Francisco experienced the biggest gain with 3.6 percent growth, while Bend, Oregon, was the one outlier on the list, where prices grew by 2.7 percent.

About Author: Esther Cho

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