US home prices rise in August at faster pace

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US home prices rise in August at faster pace

US home prices rise in August at faster pace (AP Image)

WASHINGTON (AP) – Home prices rose in nearly all U.S. cities last month, the latest evidence of a steady recovery in housing.

The Standard & Poor’s/Case Shiller index reports that national home prices increased 2 percent in August compared with the same month a year ago. That’s the third straight increase and a faster pace than in July.

And prices in hard-hit Las Vegas rose 0.9 percent, the first year-over-year gain since January 2007.

The report also says prices rose in August from July in 19 of the 20 cities tracked by the index. Prices had risen in all 20 cities in the previous three months.

Seattle reported a small decline of 0.1 percent in August from July. Prices are still 3.4 percent higher than a year ago.

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