Property values climbed 5.1 percent in the S&P/Case-Shiller index from August 2014 after rising 4.9 percent in the year ending in July, Bloomberg Business reports.
Appreciation is attributed to tight supply in many U.S. markets coast to coast. “More homes that are affordable for first-time or young buyers will be needed to keep the housing recovery on track, providing a boost to consumer spending in the process,” writes Bloomberg reporter Victoria Stilwell.
The cities with the most price gains are Denver and San Francisco, tying with 10.7 percent gains each. New York had the smallest gain at 1.8 percent.
The S&P/Case-Shiller index also showed acceleration in price gains. Portland, Ore., saw prices climb the fastest out of 15 markets that experienced acceleration of the 20 markets analyzed.