Home prices up at 0.5% pace in August

Home prices up at 0.5% pace in August”

It is increasingly hackneyed to say it, but home price appreciation accelerated yet again in August.

The S&P CoreLogic Case-Shiller home price index rose more than expected in August, hitting an all-time high.

And with its 0.9 percent gain in August, the index for Bay Area condos is running 7.3 percent higher versus the same time past year and 28.3 percent above its previous cycle peak in October 2005. In August, Seattle led the way with a 13.2 percent year-over-year price increase, followed by Las Vegas with an 8.6 percent increase, and San Diego with a 7.8 percent increase.

The 20-city index was up 5.9% on the year compared with a 5.8% increase the month before, but slightly lower than expectations for 6% growth. Nine cities reported greater price increases in the year ending August 2017 versus the year ending July 2017. That's heated up competition for properties on the market and pushed up prices.

Meanwhile, the national Home Price NSA index covering all nine United States census divisions was up 6.1% in August compared to 5.9% the previous month.

"Housing costs are rising, competition among buyers is fierce and the number of homes actually available to buy is at historic lows - and still, the US homeownership rate is on the rise, climbing for the second straight quarter to its highest level since 2014 and proving American home buyers are nothing if not tenacious and resourceful", said Dr. Svenja Gudell, Zillow's chief economist.

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