S&P Case-Shiller Home Prices Beat Expectations

The 20-city S&P Case-Shiller home price index climbed 0.93% on the month in August.

This was better than expectations for a 0.65% rise. July’s data was revised down to show a 0.6% rise.

Meanwhile, on the year home prices were up 12.82%, ahead of expectations for a 12.5% rise. July’s data was revised down to show a 12.31% rise in home prices.

Denver and Dallas set new highs, with home prices up 10.1% and 9% respectively.

“Both Composites showed their highest annual increases since February 2006,” David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices said in a press release.

“All 20 cities reported positive year-over-year returns. Thirteen cities posted double-digit annual gains. Las Vegas and California continue to impress with year-over- year increases of over 20%. Denver and Phoenix posted 20 consecutive annual increases; Miami and Minneapolis 19. Despite showing 26 consecutive annual gains, Detroit remains the only city below its January 2000 index level.”

The report finds that the monthly per cent changes 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.”

Analysts have warned for some time that the pace of home price growth would slow.

Here’s a look at the annual returns of the 10-city and the 20-city composite home price indices:

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