""Lender Processing Services"":http://www.lpsvcs.com/Pages/default.aspx (LPS) released Friday its latest Home Price Index (HPI) report, showing that prices increased both month-over-month and year-over-year.[IMAGE]
The report, based on residential real estate transaction data as of the end of May, revealed that the home price index for the month was $202,000, a 0.9 percent month-over-month increase and a 3.2 percent increase from the start of the year.
In addition, May's index represented a 0.4 percent year-over-year increase.
Of the country's 20 largest states, Arizona gained the most ground in May, with home prices jumping to $170,000 (a 1.7 percent rise from April). It was followed by Oregon, North California, Massachusetts, Maryland, and Georgia.[COLUMN_BREAK]
California posted the highest HPI in May, settling at $298,000-a 0.4 percent gain from April.
Of the nation's 40 largest metros, most posted month-over-month growth of around 1.0 percent.
Phoenix showed the largest gains with a 2.1 percent price increase, while San Francisco, San Jose, and Boston ranked second with 1.5 percent HPI growth.
Only two metros reported no growth: Columbus saw its HPI fall 0.2 percent, and Baltimore stayed more or less flat.
*Top five states in HPI growth month-over-month (all states):*
Delaware (2.6 percent)
Alaska (2.7 percent)
Arizona (1.7 percent)
North Carolina (1.6 percent)
Washington, D.C. (1.5 percent)
*Top five metros in HPI growth month-over-month (all metros):*
Anchorage, Alaska (2.3 percent)
Phoenix, Arizona (2.1 percent)
Asheville, North Carolina (1.9 percent)
Ocean Pines, Maryland (1.8 percent)
Bend, Oregon (1.7 percent)