National Home Prices Extend Gains in August
|The S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 0.6 percent in August, pushing the yearover- year rate to 5.3 percent. The 10-City and 20-City Composite indices also edged higher on the month.
U.S. Home Prices Edge Higher
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U.S. home prices rose 0.6 percent in August, as prices continue to be supported by low inventories of for-sale homes and moderate economic growth. The National Home Price Index stood just 0.1 percent below its pre-recession peak in August and is likely to surpass its 2006 level in the coming months.
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In a separate release, the FHFA Home Price Index also popped up sharply in August, rising 0.7 percent.
Regional Divergence in Home Prices
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On a regional basis, 14 of the 20 cities saw home prices rise in August, with the 20-City Index increasing 0.2 percent as a whole. The drivers of home price appreciation have shifted over the past year, as some cooling is evident in the year-over-year trend in major markets, including San Francisco and Los Angeles, while home price growth in other pockets around the U.S., such as Denver and Portland, are trending near post-recession highs.
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