Home prices are up in Colorado

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Home prices in Colorado were up 5.7 percent year-over-year in October, according to a recent report from Lender Processing Services.

That was the sixth largest home price index increase in the country. The biggest increases were in Arizona and California, where prices climbed 14.9 and 9.1 percent.

The average home price in the state is $243,000, according to LPS.

While the report showed good news for Colorado, it was even better for Denver. LPS reported that the city saw a 6.8 percent home price increase year-over-year in October. The average home price in the Denver metro area climbed from $231,000 to $246,000. The increase was the 14th largest among the 25 major cities surveyed.

The largest home price index increases were reported in Phoenix and Las Vegas where they were up 18.3 and 13.9 percent.

Nationally, the home price index was up 4.3 percent.