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Falling short of expectations, the US single-family home prices increased in August on a year-over-year basis, a minutely watched survey revealed on Tuesday.
The S&P/Case Shiller composite index rose 5.6 percent in August over 2013, the slowest year-on-year rise since November 2012.
The prices recorded in the 20 cities on a seasonally adjusted monthly basis dropped 0.1 percent for the mentioned month.
On the other hand, the non-seasonally adjusted monthly prices surged 0.2 percent in the 20 cities.
“The deceleration in home prices continues. Despite the weaker year-over-year numbers, home prices are still showing an overall surge, as the National Index increased for its eighth consecutive month,” David Blitzer, index committee chairman at S&P Dow Jones Indices, said in a statement.
The national housing market activity’s broader measure, which is now being released by the S&P/Case-Shiller on a monthly basis, surged at a slower pace year over year at 5.1 percent.
The seasonally adjusted ten-city gauge dropped 0.2 percent in the August a 0.5 percent decline in July. On the other hand, the non-adjusted ten-city index increased 0.2 percent in the month as compared to a 0.6 percent rise in July.
The slowdown in the process is contributing to a housing market that should look more and more appetizing to prospective buyers. Interest rates will remain at historically low levels for the time being, at least until well into next year. All-cash buyers and investors, which propelled the housing market in the early part of is recovery, are starting to retreat, and families and first-time buyers are beginning to step up their purchases.