The S&P/Case-Shiller Home Price Indices continued their rise in August at the fastest annual rate in more than six and a half years. However, the monthly pace continues its slow decline. The recent rise in mortgage rates has resulted in fewer mortgage applications, contributing to the smaller gains month-over-month. Average home prices across the spectrum are back to their mid-2004 levels, with both the 10 and 20-city composites recovering over 22% when compared to February-March 2012 numbers. Los Angeles prices are up 2.01% month-over-month (compared to 2.1% June-July) and a whopping 21.7% since last August.
Related article: “Home price gains ease in most large U.S. markets,” by Andrew Khouri, Los Angeles Times