U.S. Home Prices Rise 0.2% In August
U.S. home prices nudged up 0.2% in August, slower than the 0.6% rise in July, according to S&P/Case-Shiller's 20-city composite index released Tuesday. Among 20 tracked cities, three saw prices fall, while Detroit posted the fastest growth. After seasonal adjustments, home prices among the 20 cities declined 0.1% in August -- the strongest result in fourth months -- compared with a 0.5% decline July. Meanwhile, annual growth slowed down, with year-over-year home prices rising 5.6% in August -- the slowest pace since November 2012 -- compared with annual growth of 6.7% in July. Annual home-price growth hasn't been in the double digits since April, and slower appreciation may lure buyers. Through August home prices were about 16% below a 2006 peak.
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