U.S. home prices continued to rise in August and showed their highest annual increase since February 2006, but the pace of gains has slowed each month since April, according to the latest S&P/Case-Shiller Home Price Index.
House prices in the 20-city composite increased 12.8 percent year-over-year and 1.3 percent on a monthly basis. All 20 cities posted monthly gains in August, although most metropolitan areas showed deceleration compared with July. Las Vegas led all cities with a 2.9-percent increase followed by Detroit and Los Angeles, which gained 2 percent.
“The monthly percentage changes for the 20-City composite show the peak rate of gain in home prices was last April. Since then home prices continued to rise, but at a slower pace each month," said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, in a statement.
Fourteen cities showed year-over-year rate acceleration in August versus the previous month. Las Vegas was the leader with an annual rate of 29.2 percent, its highest since March 2005. Denver and San Francisco showed their highest growth rates since 2001. Although Dallas did not break into double-digit returns, the city posted its highest annual gain since it was first published in January 2000.
More than 26 years of history for these data series are available and can be accessed in full by going to www.homeprice.spdji.com