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Largest States, Metros Post Monthly Improvements in May

From April to May, home prices rose 1.3 percent, with Nevada leading month-over-month growth, according to ""Lender Processing Services"":http://www.lpsvcs.com/Pages/default.aspx (LPS).

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The improvement in May marks the third straight month prices have grown on a monthly basis in the 20 largest states tracked by LPS.

The data provider also reported a 7.9 percent year-over-year increase in May as prices for non-distressed properties stood at $266,000 for the month. Despite the gains, prices are still 16.3 percent below the June 2006 peak.

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When calculating distressed sales, LPS data revealed short sales sold for a discount of 25 percent compared to non-distressed sales, while REOs were reduced by 26 percent. The discounts varied by state, with REOs in Nevada averaging a discount of 8 percent compared to 37 percent in New York.

Nevada showed the strongest gains with a 3 percent increase over the last month, followed by California (+1.8 percent), Arizona (+1.8 percent), North Dakota (+1.7 percent), and Washington D.C. (+1.7 percent).

LPS also found all 40 of the largest metro areas analyzed experienced monthly increases, with metro areas located West dominating May's list for monthly growth.

Las Vegas came out ahead with the biggest monthly and yearly gains at 3.2 percent and 26.5 percent, respectively. San Francisco, Reno, and Sacramento took the next three spots, with each growing 2.5 percent over the last month.

LPS' Home Price Index expanded its coverage by 25 percent and now includes nearly 1,900 counties and more than 18,500 ZIP codes.

About Author: Esther Cho

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