US annual home price growth accelerates again in August
© Reuters. FILE PHOTO: A"For Rent, For Sale" sign is seen outside of a home in Washington, U.S., July 7, 2022. REUTERS/Sarah Silbiger/File Photo
Home prices rose 5.6% on a year-over-year basis in August, up from a 4.6% increase in the prior month, the Federal Housing Finance Agency said.The report also showed prices rose moderately on a month-over-month basis, in line with the trend over the past quarter. Prices were up 0.6% in August, compared with a 0.8% month-over-month increase in July.
But the cost of mortgage loans has continued to rise, with the rate on the most popular U.S. home loan now at its highest level since September 2000. That has discouraged owners from selling their homes, exacerbating an inventory shortage and helping to keep prices higher. A separate report on Tuesday bolstered the view that the housing market bottomed out over the summer, with the S&P CoreLogic Case-Shiller national home price index posting a 2.6% increase in August on an annual basis. That compared to a 1% rise in July.
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