LPS: Home Prices Edged Up In May

U.S. home prices increased 1.3% in May to reach an average price of $226,000, according to Lender Processing Services' (LPS) Home Price Index (HPI) report. In April, the average home price was $223,000.

The five states that saw the largest increases in May were California (1.8%), Florida (1.1%), New Jersey (0.8%), New York (1.1%) and Texas (1.1%).

The five cities that saw the biggest increases were Chicago (1.5%), Dallas (1.1%), Los Angeles (1.5%), New York (1.1%) and Washington, D.C. (1.6%).

Starting with this month's report, LPS has significantly expanded its property data tracking. The HPI now covers approximately 25% more U.S. counties – nearly 1,900 in total – and more than 18,500 ZIP codes.

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