Home Prices Rise in February According to LPS Data

By Stevie Duffin Updated on 4/29/2013

By Daniel Duffield

In February, home prices saw a 1% growth from the previous month, rising 7.3% from the previous year, according to data included in the February U.S. Home Price Index released by Lender Processing Services.

Within this report, data indicated that the average U.S. home price increased to $210,000, comprising a 1.3% growth from the beginning of 2013 and representing a step in the right direction for housing market improvement. In February 2012, home prices averaged approximately $196,000.

Considering the states with the most significant growth, California and Washington saw the most substantial gains in home prices, each with home value increases averaging 2.2%. Nevada, another state severely affected by the burst of the housing bubble several years ago, also saw a notable growth in home prices, rising 1.6% from the previous month. Illinois came next, averaging 1.4% higher after a price dip in January.

For states that saw a least amount of price growth, Connecticut actually had a slight decline in home prices in February, decreasing 0.3%. Vermont and Rhode Island each saw only a minimal rise in home prices, averaging 0.2% higher than in January.

Looking into cities, the metro with the most significant growth in home values is San Jose, CA, which averaged 3.2% higher in February. Next came San Francisco, CA which saw a 2.8% rise in home prices, followed by Vallejo, CA at a 2.6% rise in home prices.

The LPS Home Price Index utilizes real estate data from transactions during February. This report is released one day prior to the release of the S&P Case/Shiller analysis report.