United States: Home price growth continues to accelerate robustly in August
The S&P/Case-Shiller 20-city composite home price index—excluding Detroit due to reporting delays—increased 1.1% month-on-month in August, up from July’s 0.8% rise. When adjusted for seasonal factors, home prices were up 0.5% in August, down marginally from 0.6% in July.
Home prices jumped 5.2% in annual terms in August, which was stronger than July’s 4.1% increase and marked the quickest pace of growth since August 2018. Gains were the strongest in Phoenix for 14 straight months, followed by Seattle and San Diego. Overall, all 19 cities—Detroit data was unavailable in the index in August—registered price growth in August.