Home prices rose in August as the market continues to build steam heading into the end of the year, according to the latest reading of the S&P/Case-Shiller Price Index.
According to the report, home prices across the nation increased 4.7% in the 12 months ended in August, which is up slightly from 4.6% in July. The 10-city index gained 4.7% from a year earlier, compared with a 4.5% increase in July. The 20-city index gained 5.1% year-over-year compared with 4.9% a month earlier.
Case-Shiller is just one housing indicator, according to Laura Kusisto:
Case-Shiller offers a delayed picture of how the housing market is faring. More recent indicators of the health of the housing market largely have been strong, with some notable weak spots.Sales of previously owned homes increased sharply in September, climbing 4.7% to a seasonally adjusted annual rate of 5.55 million, the National Association of Realtors said last week. But on Monday, the Commerce Department said that new home sales tumbled 11.5% from August to September.