Oct. 27 (UPI) -- Housing prices in the United States rose sharply in August and appeared to pick up the accelerated pace the market saw last year, an industry report said Tuesday.
The S&P CoreLogic Case-Shiller National Home Price Index showed that prices nationwide rose by 5.7% compared to August 2019 -- and almost 5% over July.
The index's 10-city composite rose 3.5% for the month and the 20-city measure 4.1%.
Case-Shiller said Phoenix (9.9%), Seattle (8.5%) and San Diego (7.6%) saw the greatest gains.
"The strength of the housing market was consistent nationally -- all 19 cities for which we have August data rose, and all 19 gained more in the 12 months ended in August," said Craig Lazzara, managing director and global head of index investment strategy for S&P Dow Jones Indices.
Rising prices that began a year ago were interrupted in May and June by the COVID-19 pandemic, but Lazzara said they appear to be recovering.
"The last time that the National Composite matched August's 5.7% growth rate was 25 months ago, in July 2018," he said. "If future reports continue in this vein, we may soon be able to conclude that the COVID-related deceleration is behind us."