The U.S. housing price index rose .2 percent overall from $231,000 in August to September’s rate of $232,000, according to a report by Lender Processing Services Inc.
The report, which was based on residential real estate transactions in September, indicated that Colorado experienced a .4 percent drop in HPI since August and placed No. 4 in the bottom 10 states it considers the “Biggest Movers.” The state was sandwiched between Pennsylvania, also with a .4 percent drop, and Massachusetts, which saw a larger decline of .5 percent. Connecticut placed No.1 in the bottom 10 with a .9 percent decrease, and Nevada placed first in the top 10 with a .8 percent boost.
The average HPI for Colorado in September was $256,000 — a .4 percent decrease from August and 7.1 percent increase from the same time last year. The Denver metropolitan area was reported as having an HPI of $265,000 for the month of September.
Lender Processing combines the company’s extensive property and loan-level databases to produce a repeat sales analysis of home prices as of their transaction dates every month for each of more than 18,500 U.S. ZIP codes, to obtain the housing price index, according to a news release from the Jacksonville-based company.
The HPI represents the price of non-distressed sales by taking into account price discounts for real estate owned and short sales.