The S&P/Case-Shiller home price index for August posted another month of solid gains. The 20-city composite rose 12.8% year-over-year, above the consensus estimate for a rise of 12.4% for the month. The 10-city index also rose 12.8% year-over-year in August.
The S&P/Case-Shiller home price index tracks prices on a three-month rolling average. August represents the three-month average of June, July and August prices.
On a month-over-month basis, August prices were up 1.3% on both the 10-city composite index and the 20-city composite indexes. The increases were smaller than the month-over-month rise in July. All 20 cities in the index posted gains on a monthly basis, with Las Vegas showing the largest gain at 2.9%. On an annual basis, prices rose the most in Las Vegas, up 29.2%. Index readings for both the 10-city and 20-city composites have returned to the levels of mid-2004.