With a tepid 0.2 percent gain from July to August, average U.S. home are in line with mid-2003 levels, according to the latest S&P/Case-Shiller Home Price Indices. August also marked the fifth straight month that at least half of the cities in the survey showed monthly gains.
Even with the gains, the S&P/Case-Shiller 10- and 20-city indices posted annual returns of -3.5% and -3.8% versus August 2010, respectively.
"There was some weakness in the monthly statistics, as 10 of the cities post price declines in August over July," said David M. Blitzer, Chairman of the Index Committee at S&P Indices. "And even though the annual rates are largely improving, 18 [metropolitan statistical areas] and both composites are still negative. Nationally, home prices are still below where they were a year ago."
In July, home prices increased 0.9 percent over the previous month.
