Home prices ticked up by 0.9 percent year-over-year in May, according to ""Lender Processing Services"":http://www.lpsvcs.com/Pages/default.aspx.[IMAGE]
The Florida-based analytics and technology provider revealed that prices also rose by 0.7 percent month-over-month. Home values climbed by $203,000 on average, reflecting a 0.7-percent uptick from $202,000 last year.
By state, California saw home prices ratchet up by 0.7 percent, with Texas dipping by 0.1 percent. Florida, New York, and New Jersey all saw increases by 1.3 percent, 1.7 percent, and 1.2 percent, respectively.
By metro area, New York prices rose by 1.3 percent. Los Angeles, Washington, and Chicago followed in short order at 0.5 percent, 0.7 percent, and 0.2 percent, respectively, while Dallas wallowed at a decline of 0.1 percent.
Nick Timiraos, a reporter for ""The Wall Street Journal"":http://online.wsj.com/article/SB10000872396390444301704577631252266351074.html, wrote in a recent op-ed that Ã¢â‚¬Å“[t]odayÃ¢â‚¬â„¢s rising prices have less to do with surging demand Ã¢â‚¬" though hard-hit markets in Arizona, California, and Florida have seen significant investor appetite for distressed homes Ã¢â‚¬" than with declines in the number of properties for sale.
Ã¢â‚¬Å“HereÃ¢â‚¬â„¢s why prices are rising: There are more buyers chasing fewer homes, and-critically-fewer distressed homes, such as foreclosures,Ã¢â‚¬Â he added. Ã¢â‚¬Å“Low inventory is one sign that housing markets may have reached a turning point because many want to buy at the bottom but few want to sell.Ã¢â‚¬Â