The numbers: The S&P CoreLogic Case-Shiller 20-city price index posted a 5.2% year-over-year gain in August, up from revised 4.1% in the previous month, according to a report released by S&P Dow Jones Indices on Tuesday. The gain was in line with expectations of Wall Street economists surveyed by Econoday. On a monthly basis, the index increased 0.5 in August.
What happened: The separate national index released with the report noted a 5.7% increase in home prices across the U.S. over the past year. This is the fastest pace in more than two years.
The strength was consistent nationally. All of the 19 large cities tracked by Case-Shiller posted increases in housing prices in August.
A separate measure, the Federal Housing Finance Agency house price index, rose 1.5% in August and is up 8% year-on-year. That’s the fastest annual gain since March 2006.
Phoenix once again