S&P CoreLogic Case-Shiller: US home prices up 5.2% in August

August's solid increase was seen in US house prices — another indication that the US housing sector appears powerful in spite of the economic impact of the coronavirus pandemic. WASHINGTON (AP)

The 20-city Home Price Index S&P CoreLogic Case-Shiller, published Tuesday, showed that in August house prices increased to 5,2 percent from a year ago, which increased to 4,1 percent in July.

The benefit was better than predicted by economists.

The largest gains were recorded by Phoenix (up 9.9% as of August 2019), Seattle (up 8.5%) and San Diegos (7.6%).

The index shows price changes in all 19 towns.

In spite of disruptions associated to pandemics at the Wayne County recording office, like Detroit, the 20-city index omitted values from the Detroid Metropole index.

The U.S. housing sector was boosted by the rock bottom mortgage rate as the US economy recedes from an April-June pandemic-led freefall and the steps taken to avoid it. The US housing market has been a source of power.

Last week, the National Association of Realtors announced that current transactions grew by 9.4% in September and median home sales price rose 15% from the previous year to $311,800. And the Commerce Department reported that home development increased 1,9% in September, with single-family homes being constructed.