According to a report released Tuesday, home prices rose in August. The S&P/Case-Shiller Price Index revealed a 4.7% annual increase in August 2015, slightly higher than the 4.5% increase reported for July 2015. The 10-City Composite gained 4.7% in the year to August compared to 4.5% in the prior month. The 20-City Composite’s year-over-year gain was 5.1% versus 4.9% in the year to July.
“These numbers are dramatically undramatic,” said Stephen Phillips, president of Berkshire Hathaway HomeServices. “This is a steady pattern of moderate price gains that spells good news for both home buyers and sellers.”
STEPHEN PHILLIPS is the president of Berkshire Hathaway HomeServices and COO of HSF Affiliates LLC. Find him on Twitter @swphillips7.