Cleveland Home Prices Lag Nation

CLEVELAND—The S&P/Case-Shiller Home Price Indices for August were released yesterday by S&P Dow Jones Indices and posted their highest year-over-year increases since February 2006. However, the metropolitan area of Cleveland has lagged behind most of the other cities, posting a 3.7% year-over-year increase. Of the 20 cities in the study, only New York posted a lower rate.

“The 10-City and 20-City Composites posted a 12.8% annual growth rate,” says David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices. “The monthly percentage changes for the 20-City composite show the peak rate of gain in home prices was last April. Since then home prices continued to rise, but at a slower pace each month.”