Real Estate

US home prices rose 5.3% in August: S&P/Case-Shiller

A customer looks at listings on display outside a Brown Harris Stevens offices in New York.
Brendan McDermid | Reuters

U.S. home prices rose slightly in August from the previous month, thanks to measured but positive economic growth, rising prices and wider home affordability.

The S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, was up 5.3 percent on an annual basis in August from 5.0 percent in July.

The S&P CoreLogic Case-Shiller 20-City Composite index also rose 5.1 percent year over year, up from July's 5.0 percent.

"All 20 cities saw prices higher than a year earlier with 10 enjoying larger annual gains than last month," David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, in a press release.

Looking ahead, "With the national home price index almost surpassing the peak set 10 years ago, one question is how the housing recovery compares with the stock market recovery," he said.

Top gainers in August were Portland, Oregon, with an 11.7 percent increase year to date, and Seattle, at 11.4 percent over the last year. Denver came in third, boasting an 8.8 percent increase year over year.