Home prices in the U.S. edged up 5.8% year-over-year in December as the average home price rose to $207,000,Lender Processing ServicesÂ said in its latest Home Price Index.
Month-over-month, home prices jumped a slight 0.1% from November, but still remained well below peak pricing levels reached in June of 2006.
LPS surveys 16,000 ZIP codes to provide analysis of month-to-month home price fluctuations, which compares to S&P Case Shillerâ€™s 20-city and national home price index, which breaks data down on a 3-month rolling basis.
LPS also takes into account the impact of distressed sales in the marketplace.
Of the nationâ€™s five largest states, all of them except for New Jersey saw home prices edge up in December, LPS said.
While New Jersey prices fell 0.2% from November, California, Florida, New York and Texas saw month-over-month price appreciation.
The states experiencing the largest price increases included Nevada, with prices up 1.3%, and Florida, which saw a 1% rise in home price appreciation.
Dallas home prices grew 0.2%, while Los Angeles and New York both saw 0.5% increases from November to December.
Arizona maintained its reputation as a state experiencing a fast-paced home price recovery with home prices rising 16.5% in 2012.
The city of Phoenix experienced the largest price increase out of the top metro areas with home prices rising 20.3% over the course of the year, LPS said.
Source: Housing WireÂ Â Â Â
Mario Pavli Vice PresidentÂ Boston Luxury ResidentialÂ