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Real estate price gains slow in August

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Nationwide, home prices rose slightly in August compared to the same month last year, according to the monthly Standard & Poor's/Case-Shiller Home Price Index. A 10-city composite index rose 2.6 percent year-over-year in August and a 20-city composite index rose 1.7 percent year-over-year. Compared to July, both indexes dipped slightly for the first time in several months: 0.1 percent and 0.2 percent, respectively. Fifteen out of 20 tracked metro areas saw index declines compared to July. Despite the overall index increase, 12 metro areas also saw declines compared to August 2009. Seventeen metro areas saw slowing annual growth rates. "A disappointing report. Home prices broadly declined in August. Over the last four months both the 10- and 20-city Composites show slowing growth, after sustaining consistent gains since their April 2009 troughs," said David M. Blitzer, chairman of the Index Committee at Standard & Poor's, in a statement. "Indeed, the housing m...