Nationwide home prices in August increased 4.7 percent year-over-year, compared with a 4.6 percent year-over-year increase in July, according to the S&P/Case-Shiller U.S. National Home Price Index.
The 10-City Composite and 20-City Composite also showed an increase in annual gains in August compared to July. The 10-City Composite increased 4.7 percent in August and 4.5 percent in July. The 20-City Composite increased 5.1 percent in August versus 4.9 percent in July.
The highest year-over-year gains among the 20 cities in August were recorded in San Francisco (10.7 percent), Denver (10.7 percent) and Portland, Ore., (9.4 percent).
Month-over-month, the National Index posted a gain of 0.4 percent in August. The 10- and 20-City Composites both saw a gain of 0.1 percent.
“Home prices continue to climb at a 4% to 5% annual rate across the country,” said David Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones Indices, in a statement.
He added that most other housing indicators in the same period showed strong returns as well, although low inventories may have been responsible for the sharp drop in new-home sales in September.
