LPS: House Price Index increased 1.3% in May, Up 7.9% year-over-year

Notes: I follow several house price indexes (Case-Shiller, CoreLogic, LPS, Zillow, FHFA, FNC and more). The timing of different house prices indexes can be a little confusing. LPS uses April closings only (not a three month average like Case-Shiller or a weighted average like CoreLogic), excludes short sales and REOs, and is not seasonally adjusted.

From LPS: LPS Home Price Index Report: May Transactions Show U.S. Home Prices Up 1.3 Percent for the Month; Up 7.9 Percent Year-Over-Year

Lender Processing Services ... today released its latest LPS Home Price Index (HPI) report, based on May 2013 residential real estate transactions. Beginning with this month's release, the LPS HPI has significantly expanded its property data tracking and now covers approximately 25 percent more U.S. counties - nearly 1,900 in total - and more than 18,500 ZIP codes. The LPS HPI combines the company’s extensive property and loan-level databases to produce a repeat sales analysis of home prices as of their transaction dates every month for each of the ZIP codes covered. The LPS HPI represents the price of non-distressed sales by taking into account price discounts for REO and short sales.

The LPS HPI is off 16.3% from the peak in June 2006. Note: The press release has data for the 20 largest states, and 40 MSAs. LPS shows prices off 47.9% from the peak in Las Vegas, 39.0% off from the peak in Riverside-San Bernardino, CA (Inland Empire), and at a new peak in Austin, Dallas, Denver and Houston!

Note: Case-Shiller for May will be released tomorrow.