Home prices rose slightly in August, according to data released by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices.
Average home prices increased by 0.9% for both the indices' 10- and 20-city composites in August versus July. Nineteen of the 20 cities and both composites posted positive monthly gains in August; Seattle was the only exception, where prices declined 0.1% over the month.
The 10- and 20-city composites recorded annual returns of 1.3% and 2% in August, up from the 0.6% and 1.2% respective annual rates posted for July. Eighteen of the 20 cities and both composites posted better annual returns in August compared to July.
‘Home prices continued climbing across the country in August,’ says David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices. ‘The sustained good news in home prices over the past five months makes us optimistic for continued recovery in the housing market.’