Home prices continued their gains in August on both an annual and month-to-month basis.
According to the S&P CoreLogic Case-Shiller Indices, the National Home Price Index, which covers all nine U.S. census divisions, was up 5.3% from the same time a year ago.
The 10-City Composite showed a 4.3% annual gain, while the 20-City Composite reported a year-over-year advance of 5.1%.
Portland, Seattle, and Denver reported the highest year-over-year increases among the 20 cities over each of the last seven months. Portland posted an 11.7% year-over-year price increase, followed by Seattle at 11.4%, and Denver with an 8.8% increase.
Ten cities reported greater price increases in the year ending August 2016 than in the year ending July 2016.
Before seasonal adjustment, the National Index was up 0.5% on a a month-over-month basis, with both the 10- and 20-City Composites posting a 0.4% increase.
The National Index recorded an advance of 0.6% after seasonal adjustment, while both the 10-City Composite and the 20-City Composite reported 0.2% month-over-month increases.
After seasonal adjustment, 14 cities saw prices rise, two cities were unchanged, and four cities posted declines.
This isn't the only encouraging housing news. David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices notes that, “Other housing data including sales of existing single family homes, measures of housing affordability, and permits for new construction also point to a reasonably healthy housing market.”