Housing prices increased 0.4 percent between July and August and were up 2.6 percent on an annual basis, representing new highs in many markets.

Home prices continued to trend upward in August according to data released Tuesday.

The national category for the S&P CoreLogic Case-Shiller Indices increased 0.4 percent between July and August, and was up 2.6 percent on an annual basis, data shows.

The August reading represents a time immediately before mortgage rates began climbing again to their spot in the realm of 8 percent, and before the traditionally cooler fall market was underway. Mortgage rates started the summer at 6.79 percent in the first week of June, and climbed as high as 7.23 percent in August.


“Home prices remained strong through August, despite the high cost of a mortgage payment,” Zillow Senior Economist Nicole Bachaud said in a statement. “But as August faded into the fall, throughout September and October especially, we saw mortgage rates surpass 20-year highs. These stubbornly high mortgage rates are continuing to put pressure on affordability which is cooling the market as more buyers get pushed to the sidelines this fall.”

The Federal Housing Finance Authority’s House Price Index, also released Tuesday, found that home prices increased 0.6 percent between July and August, and were up 5.6 percent from August 2022.

While prices continued to rise over the past 12 months, sales fell off consistently as the price of a mortgage increased as well. Year-to-date home sales are trending 22 percent below last year’s levels and 23 percent below 2019, according to CoreLogic MLS PIN data — but low inventory has kept prices elevated.

The S&P’s 10-city index, a gauge of home prices in the 10 largest United States cities, registered a 3 percent annual increase in August — up from a 1 percent increase the previous month — while the 20-city composite posted a year-over-year increase of 2.2 percent. Chicago had the highest annual increase of the 20-city composite, according to the S&P.

“One measure of the strength of the housing market is the relationship of current prices to their historical levels. On that dimension, it’s worth noting that the National Composite, the 10-City Composite, and seven individual cities (Atlanta, Boston, Charlotte, Chicago, Detroit, Miami and New York) stand at their all-time highs,” Craig J. Lazzara, managing director at S&P Dow Jones Indices, said in a statement.

Email Ben Verde

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription