Single-family home prices in the US increased in August on a year-over-year basis. However, it failed to meet expectations, according to a survey carried out on Tuesday.
The S&P/Case Shiller composite index of 20 metropolitan areas went up by 5.6 percent in August over last year – the slowest increase since November 2012.
This was slightly below the 5.8 percent increase that economists had forecast.
On a seasonally adjusted monthly basis, prices in the 20 cities dipped 0.1 percent for the month – in line with what economist had forecast.
However, non-seasonally adjusted prices were only up by 0.2 percent in 20 cities on a monthly basis, well below the 0.5 percent increase that many was hoping for.
David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement:
“The deceleration in home prices continues,”
“Despite the weaker year-over-year numbers, home prices are still showing an overall increase, as the National Index increased for its eighth consecutive month.”
The seasonally adjusted 10-city gauge dropped by 0.2 percent in August compared to a 0.5 percent decline in July. The non-adjusted gauge only rose by 0.2 percent in August versus a 0.6 percent rise the month before.