U.S. home prices rose 0.2% in September compared to August and were up about 9% compared to September 2012, according to Lender Processing Services' (LPS) Home Price Index report.
The small increase for September is an indication that home price appreciation began to stabilize in the third quarter.
The average price for a home in the U.S. for September was $232,000 – up from $231,000 in August. The LPS HPI covers more than 18,500 ZIP codes and does not include distressed sales.
Despite the recent rise in home prices, they remain more than 14% below their June 2006 peak, when the average home price reached $270,000.
States that saw the largest increases in home price appreciation in September included Nevada (0.8%), Georgia (0.7%), South Carolina (0.7%), Illinois (0.5%) and Florida (0.5%).
Cities that saw the largest increases in home price appreciation included Myrtle Beach, S.C. (1.0%); Charleston, S.C. (0.9%); Atlanta (0.9%); Miami (0.9%); and Naples, Fla. (0.8%).
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