Case-Shiller: Home prices up nearly 5%
Index rises 4.7% for 12 months ending in August
Here’s the latest news on home prices this morning in The Wall Street Journal
Home price growth was strong in August, according to a report released Tuesday, underscoring that the market has momentum going into the final months of the year.
The S&P/Case-Shiller Home Price Index, covering the entire nation, rose 4.7% in the 12 months ended in August, slightly greater than a 4.6% increase 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.
This is Zillow Chief Economist Dr. Svenja Gudell’s perspective on the report:
“Annual U.S. home value appreciation has stabilized and settled into a nice groove over the past few months with steady appreciation. This relative stability should continue into the foreseeable future. Interestingly, a good portion of the overall home price growth we’re seeing, especially in cities, has been driven by strong growth in condominium values, which are currently appreciating more quickly than single-family homes. This is a sign of the times in terms of buyers’ preferences, as condos often represent a more affordable, more urban housing option that is particularly attractive to younger buyers.”