The 20-city index jumped 2.0 per cent year-over-year, which was slightly higher than the 1.9 per cent increase expected.
“Home prices continued climbing across the country in August,” said S&P’s David M. Blitzer. “Nineteen of the 20 cities and both Composites showed monthly gains in August. Seventeen cities and both Composites posted positive annual returns in August 2012. In 18 cities and both Composites annual rates improved in August versus July. Dallas’ rate remained unchanged at +3.6% and Chicago worsened slightly from a -1.0% annual rate in July to a -1.6% annual rate in August.
“The sustained good news in home prices over the past five months makes us optimistic for continued recovery in the housing market.”
Here’s a break down:
Two months ago, we learned that home prices officially turned positive on a year-over-year basis in June.
One of the few positive economic developments in the U.S. and perhaps the world has been the recovery of the U.S. housing market. Prices, sales, and various measures of confidence has been on the rise, boosting wealth and adding jobs.