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US Home Prices Rise at Fastest Pace Since 2006

Home Prices Rise

photo MGN

By PAUL WISEMAN
AP Economics Writer

WASHINGTON (AP) — U.S. home prices rose 12.8 percent in August from a year earlier, the fastest annual gain since February 2006.

The Standard & Poor’s/Case-Shiller 20-city home price index improved from July, when prices rose 12.4 percent from a year earlier. All 20 cities showed year-over-year gains.

Prices in Las Vegas rose 29.2 percent from a year earlier, the fastest pace in the nation. But they are still 47 percent lower than they were before the housing market collapsed.

Prices in the 20 cities rose 1.3 percent in August from July, down from a 1.8 percent monthly gain in July. Prices have continued to rise steadily but the rate of increase has been slowing.