Home Price Rise Smaller in Latest Month
The S&P Case-Shiller house price index rose 1.3% in August, compared to 1.8% in July, as all 20 cities in the index posted monthly gains.
“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%,” according to Standard & Poor’s.
However, price increases peaked in April during the spring selling season, according to S&P’s index committee chairman David Blitzer.
“Since then, home prices continue to rise, but at a slower pace each month,” he says. “This month 16 cities reported smaller gains in August compared to July.”
Overall, home prices are up 12.8% since August 2012, according to the S&P Case-Shiller report.
Home prices in all 20 cities are below their 2006 peaks. Boston and Charlotte are the two cities closest to their peaks with only 8% to 9% to go, according to the report released Tuesday.
Las Vegas is still down 47% from its peak level.