Industry NewsMarkets & Economy

Home prices continue steady rise

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The 10- and 20-city S&P/Case-Shiller home price indices posted monthly increases for the fifth month in a row in August, according to a report released today. Seventeen of the 20 metros tracked by the index posted annual gains in August, with home prices up by an average of 2.0 percent from a year ago. All but one of the markets tracked in the 20-city composite index posted gains from July to August. The 20-city composite was up 0.9 percent from July on a non-seasonally adjusted basis. A home price index maintained by the Federal Housing Finance Agency showed home prices up 4.7 percent from a year ago. That index -- which tracks homes with mortgages backed by Fannie Mae and Freddie Mac -- showed home prices returning to June 2004 levels, but still down 15.9 percent from an April 2007 high. The S&P/Case-Shiller 20-city composite index shows home prices approximately 35 percent below a June/July 2006 peak. But August's numbers indicate to industry watchers a positive po...