LPS: November Prices Up from Prior Month and Year

Home prices continued to inch up in November, according to ""Lender Processing Services'"":http://www.lpsvcs.com/Pages/default.aspx (LPS) Home Price Index (HPI) for the month.

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LPS' data showed home prices increased to an average $207,000 in November, an increase of 0.5 percent from $206,000 in October. On a year-over-year basis, prices were up 5.1 percent from November 2011's $197,000.

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Year-to-date, November's HPI was up 5.8 percent from $196,000 in January, according to LPS. The recorded peak for this cycle (reached in June 2006) was $266,000.

Florida topped the list of states to see the largest price gains in November, posting a 1.5 percent month-over-month improvement. The Sunshine State hosted all of November's top 10 metros in terms of price improvement, with growth ranging from 1.2 percent to 1.9 percent.

On the state level, the other ""biggest movers"" (following Florida) were New York (1.1 percent growth), Washington, D.C. (1.0 percent), Georgia, Minnesota, and Nevada (the latter three all coming in at 0.9 percent).

Only Rhode Island and Massachusetts reported price declines from October (-0.1 percent and -0.2 percent, respectively), while Washington, Oklahoma, and Alaska all stayed flat.

Springfield, Massachusetts posted the largest price decline among metros in November, seeing -0.6 percent growth.