Home prices in the U.S. continued to increase from February to March, up 1.4% from the previous home index report, and up 7.6% from one-year prior, Lender Processing Services reported in its March U.S. Home Price Index report.
The average home price in March hit $213,000, up 2.9% from the start of the year, when the average home price was $207,000. This is a strong indicator of a healing housing market and improved consumer confidence.
San Jose, Calif. lead the metros with the largest month-over-month gain, seeing a 3.0% gain in home values. Atlanta, Ga., and Las Vegas, Nev., tied for second, both seeing a 2.6% gain in home values. San Francisco, Calif., and Deltona, Fla., also made the top-five list, both with a 2.3% increase.
Georgia was the state with the largest month-over-month jump, with a 2.6% improvement. Nevada came in a close second, at 2.4% growth. Washington, D.C., Washington and Illinois also saw strong growth, with 2.2%, 2.1% and 2.1% improvements, respectively.
LPS (LPS) analyzes data from more than 15,500 ZIP codes to compile its report.
