NEW YORK ( TheStreet) -- Home prices rose 7.9% year over year in May, according to the latest report from Lender Processing Services.
Month over month, home prices in the U.S. gained 1.3% from April.
Nevada, California and Arizona were the biggest gainers on a month-over-month basis. Year over year, California was the biggest gainer, up 18.6%.
Of the largest metros, Las Vegas led the pack gaining 3.2% over April. It is also the biggest gainer year over year, up 26.5%.The LPS Home Price Index is up 5.6% in 2013. It is still about 16% below the peak. May marked the third consecutive month that every one of the 20 largest states showed positive monthly increases. While most markets have still a long way to climb toward their previous peaks, home prices are at a new high in Texas. The cities of Austin, Houston and Dallas are seeing home prices at new highs. Home prices in Denver, Colorado also scaled a new peak in May. The LPS report precedes the S&P Case-Shiller Index that will be released on Tuesday. The LPS report is based of closings in April and represents the prices of non-distressed sales by taking into account the discounts of foreclosures and short sales. The S&P Case Shiller report for May is based off a three-month moving average, is seasonally adjusted and does not account for the impact of distressed sales. -- Written by Shanthi Bharatwaj New York. >Contact by Email. Follow @shavenk