August Sees Seventh Consecutive Month of Rising Home Prices

Home prices in the U.S. rose by 0.4% in August, marking the seventh consecutive monthly increase and reaching a new record high, according to the S&P CoreLogic Case-Shiller index. On an annual basis, prices are up 2.6% from last year, the highest level since 1987. The 10-city composite saw a 3% annual increase, while the 20-city composite jumped 2.2%. Chicago was the best-performing city with a 5% gain, while Las Vegas and Phoenix experienced declines. The affordability crisis continues to worsen as mortgage rates remain high and supply remains limited.