US home prices rise 2.1% in August, S&P Case-Shiller index shows
SPY•The S&P Cotality Case-Shiller U.S. National Home Price Index rose 2.1% year over year in August, up from 1.9% in July. Prices fell 0.2% month over month before seasonal adjustment, while inflation-adjusted home values declined for a 15th consecutive month.
1. Annual price gains
National home prices rose 2.1% year over year in August, compared with 1.9% in July. Chicago recorded the largest annual gain, at 6.7%, while Seattle had the steepest decline, at 2%.
2. Monthly changes and affordability
Prices fell 0.2% month over month before seasonal adjustment but rose 0.3% on a seasonally adjusted basis. Home values fell in real terms for the 15th consecutive month as inflation reached 3.4%; affordability remained strained, with mortgage rates in the mid-to-high 6% range alongside persistently high home prices.
