The increase in house prices in April was so widespread that 97% of the nation’s 579 metropolitan statistical areas registered an uptick in values from the month prior, according to Lender Processing Services (LPS).
Since the start of this year, prices have risen 2.5% through April 30, said Raj Dosaj, vice president of LPS Applied Analytics.
“While prices typically see a boost in the spring, the magnitude and speed of this increase and its consistency across the nation has not been seen since October 2005,” Dosaj said.
From March to April prices rose 1.1% nationwide and just 16 MSAs registered price declines. In those 16 MSAs, prices fell by less than 0.2%.
This uptick in prices is occurring at a time when home sales are at the lowest level in 12 years and a large proportion are distressed sales.
This is not a “robust” recovery yet, LPS analysts said. “There is still any number of factors that could negatively impact the housing market.”