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U.S. home prices rise at fastest pace since 2006

By Paul Wiseman
From staff and wire reports

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Nationwide home sale prices rose 12.8 percent in August compared with a year ago, the most since February 2006, according to the S&P/Case-Shiller Home Price Indices.

As of August, average home prices across the United States were back to their mid-2004 levels, according to the report.

Home prices in the 20-city index showed their peak rate of gain in April.

Since then, home prices have continued to rise, but at a slower pace each month, said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices.

All 20 cities posted gains in August compared to July, with 16 reporting smaller gains from month to month. Blitzer said increases in mortgage interest rates are a factor in the slowing rate of rising prices.

The Cleveland metropolitan tied with Dallas for the second weakest gain in prices from July to August, the report said. Cleveland area home prices grew 0.6 percent from the previous month, and 3.7 percent from August 2012, according to the monthly report.

Akron area prices are not tracked by S&P/Case-Shiller.

The Seattle area showed the weakest gain from July to August — 0.5 percent. The Las Vegas metropolitan area saw the biggest gain, at 2.9 percent.


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