Home prices have regained nearly half of the value lost since prices peaked in June 2006 and prices rose 1.5 percent last month and 4.5 percent above January prices.
Lender Processing Services today released its latest LPS Home Price Index (HPI) report, based on April 2013 residential real estate transactions. Home prices in April were only 18.1 percent below their peak in June 2006, having regained nearly half of the value lost during the housing depression during the past 14 months.
In January 2012, LPS estimated that from the market peak in June 2006, the average national home price was down 31 percent. Prices fell from a national average of $282,000 in June 2007, to $226,000 in December 2008, and finally to $196,000 in January 2012. During the period of most rapid price changes, from July 31, 2007, through December, 2009, prices declined $56,000 from $282,000. The average annual decline during that time was 13.8 percent.
The median national home price in April was $217,000, some $48,000 below the peak of $265,000.
States where homes gained the most equity last month were California (2.6%), Florida (1.4%), New Jersey (1.4%) and Texas (0.9%). Metros with greatest gains were Chicago (2%); Dallas (1%), Los Angeles (2.2%), New York (1.3%) and Washington (1.3%)