U.S. home prices rise

U.S. home prices increased 12.8% year-over-year in August, finds data from S&P/Case-Shiller Home Price Indices.

On a monthly basis, home prices were up1.3% in August. Las Vegas led the cities with an increase of 2.9%–its highest since August 2004. Detroit and Los Angeles followed with gains of 2%.

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“The monthly percentage changes for the 20-City composite show the peak rate of gain in home prices was last April,” says David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “Since then home prices continued to rise, but at a slower pace each month.”

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He adds, “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.”

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.