U.S. home prices index rises in August, housing sector to see stable improvement in 2017

Home prices in the U.S. maintained their momentum in August. The S&P CoreLogic Case-Shiller 20-city Home Price Index rose 0.45 percent sequentially in August, surpassing consensus expectations of 0.40 percent rise. The annual pace of price appreciation rose by one-tenth to 5.9 percent, while the three-month annualized growth rebounded to 3.8 percent. The tight inventory situation, particularly amongst existing units, is putting upward pressure on home prices.

Delving into details, 19 out of 20 cities covered in the report recorded positive monthly home price growth, which hints at widespread rebound in momentum. Atlanta was the only one to report declining prices on the month. Overall, the annual rate of home price appreciation has remained stable in the 5 percent to 6 percent range seen over the last year and is consistent with the view of a moderate and stable improvement in the housing sector in 2017, stated Barclays in a research report.

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