October 27, 2015 / 1:05 PM / 4 years ago

U.S. home prices rise faster in August than July

A home for sale sign hangs in front of a house in Oakton, Virginia IN this March 27, 2014 file photo. REUTERS/Larry Downing/Files

(Reuters) - U.S. single-family home prices rose in August at a slightly faster pace than in July and in line with expectations, a closely watched survey said on Tuesday.

The S&P/Case Shiller composite index of 20 metropolitan areas gained 5.1 percent in August on a year-over-year basis compared with 4.9 percent in July and was in line with estimates for 5.1 from a Reuters poll of economists.

“A notable part of today’s economy is the continuing low inflation rate; in the year to September, consumer prices were unchanged,” David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Dow Jones Indices, said in a release.

“One result is that a 5 percent price increase in the value of a house means more today than it did in 2005-2006, the peak of the housing boom when the inflation rate was higher. The rebound from the recent lows was faster than the 1997-2005 housing boom, and also much less driven by inflation.”

Reporting by Sinead Carew; Editing by Chizu Nomiyama

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