Home Prices in Texas Cities at New Highs: LPS

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.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

If you liked this article you might like

New Residential Construction Rises 18% in 2013 to Highest Level Since 2007

New Residential Construction Rises 18% in 2013 to Highest Level Since 2007

Citigroup Misses Estimates by a Wide Margin (Update 2)

Citigroup Misses Estimates by a Wide Margin (Update 2)

What to Expect From Citigroup Earnings

What to Expect From Citigroup Earnings

Mortgage Originations Projected to Drop Even Further in 2014

Mortgage Originations Projected to Drop Even Further in 2014

JPMorgan Posts Fourth-Quarter Profit of $5.3 Billion (Update 2)

JPMorgan Posts Fourth-Quarter Profit of $5.3 Billion (Update 2)