U.S. Markets closed

Home prices rise as expected in August

Akin Oyedele

Home prices continued to rise in August, as expected.

The S&P/Case-Shiller home price index rose 0.1% during the month, and 5.1% compared to the prior year.

"Interestingly, a good portion of the overall home price growth we’re seeing, especially in cities, has been driven by strong growth in condominium values, which are currently appreciating more quickly than single-family homes," said Zillow chief economist Svenja Gudell in a statement. "This is a sign of the times in terms of buyers’ preferences, as condos often represent a more affordable, more urban housing option that is particularly attractive to younger buyers."

Home prices were forecast to have risen 0.1% month-on-month, and 4.8% year-on-year. 

David Blitzer, managing director and chairman of the index committee for S&P Dow Jones Indices, noted that other housing indicators, including existing home sales and new home sales, continue to show the sector's strength.(S

Screen Shot 2015 10 27 at 9.08.28 AM

NOW WATCH: This animated map shows how humans migrated across the globe

More From Business Insider