Home prices increased 4.2% in August compared to the same month a year ago, down from a 4.8% rise the previous month, according to the S&P CoreLogic Case-Shiller Index released today. The 10-city composite rose 6% year over year compared to a 6.8% increase the previous month. The 20-city composite increased 5.2% year over year, down from a 5.9% increase the previous month. New York City reported the highest year-over-year gain among the 20 cities with an 8.1% increase in August, followed by Las Vegas and Chicago, with increases of 7.3% and 7.2%, respectively.
Meanwhile, the Federal Housing Finance Agency’s House Price Index showed that home prices rose 0.3% in August compared to the previous month. Home prices were up 4.2% year over year. The FHFA index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac.
