Steel Markets
October 31, 2013
Existing Home Prices Climb in August
Written by Sandy Williams
The S&P/Case-Shiller Index reported existing home prices accelerated in August as indicated by a 12.8 percent year-over-year increase and 1.3 percent monthly increase. Both the 10-city and 20-city composites were at their highest annual increase since February 2006.
“The monthly percentage changes for the 20-City composite show the peak rate of gain in home prices was last April,” said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “Since then home prices continued to rise, but at a slower pace each month. This month 16 cities reported smaller gains in August compared to July. Recent increases in mortgage rates and fewer mortgage applications are two factors in these shifts.”
