August home sales strong, nationally - WALB.com, South Georgia News, Weather, Sports

August home sales strong, nationally

By CHRISTOPHER S. RUGABER, AP Economics Writer
    
WASHINGTON (AP) - Solid sales pushed up U.S. home prices at a steady pace in August from a year earlier, a sign that the housing market is improving despite a slowdown in the overall economy.
    
The Standard & Poor's/Case-Shiller 20-city home price index rose 5.1 percent in the 12 months ending in August, up from a 4.9 percent pace in July.
    
Home prices have risen at a 5 percent pace for most of this year, which economists see as more sustainable than last year's double-digit gains. Three years of solid hiring and historically low mortgage rates have enabled more Americans to buy homes. That's lifted sales of existing homes nearly 9 percent in the past year.
    
San Francisco and Denver both reported annual price gains of 10.7 percent, the largest of any city.

(Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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