Data released by S&P/Case-Shiller for its U.S. National Home Price Index indicates that annual growth rates in 17 of the 20 MSAs and the 10- and 20-City Composites slowed down in August compared with July. The 10-City Composite rose 2.6 percent and the 20-City Composite increased 1.7 percent in August compared with the year prior. Home prices decreased in 15 of the 20 MSAs and both Composites compared with the month prior.
In August, 12 of the 20 MSAs posted negative annual growth rates -- two more than the number reported in July. Although three California cities posted increases in annual growth in August, the annual growth rates slowed down in Los Angeles, +5.4 percent; San Diego, +6.9 percent; and San Francisco, +7.8 percent compared with July's annual gains of +7.5 percent, +9.3 percent, and +11.2 percent, respectively.
According to the report, average home prices nationwide returned to late 2003 and early 2004 levels in August.
Source: S&P/Case-Shiller
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