Property values in 20 major U.S. cities in August rose 2.0 percent from August 2011, according to the latest S&P/Case-Shiller Home Price Index released Tuesday. The latest figures mark the largest annual increase since July 2010.
"Home prices continued climbing across the country in August," said 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."
Property values increased 0.9 percent on a month-to-month basis from July 2012. All but one of the 20 cities and posted positive monthly gains in August; Seattle was the only exception, where prices declined 0.1% over the month.
"News on home prices confirms other good news about housing," Blitzer said. "Single family housing starts are 43 percent ahead of last year's pace, existing and new home sales are also up, the inventory of homes for sale continues to drop and consumer mortgage default rates are reaching new lows. Further, consumer confidence continues to rise. Even as we end the seasonally strong home buying period, the statistics are positive."
