Home prices hit 19-month stride
Appreciation is a boon for consumer confidence and distressed borrowers
Housing is continually gaining momentum with home prices rising for the 19th consecutive month in August.
Prices edged up 0.3% on a seasonally adjusted basis from July to August, according to the Federal Housing Finance Agency.
"The continued rise in home prices is providing support for the housing sector as more homeowners come out of being underwater," explained analysts for Econoday. "The gains also are a positive for consumer confidence."
From August 2012 to August 2013, home prices rose 8.5%. Home prices now sit 9.4% below April 2007 levels and are equal to April 2005 levels.
For the nine census divisions, seasonally-adjusted monthly price changes from July to August was the highest in the Pacific division, up 18.2%. Additionally, the Middle Atlantic division reported positive home price changes, with values up 4%, while the Mountain division saw increases of 1.3%.
The South Atlantic division was the only region to report weakening home prices, with values dropping 0.5% for the month.
The FHFA's home price index is calculated using monthly home sales price information released by Fannie Mae and Freddie Mac.