It was another positive month for home prices in the latest Case-Shiller

Home prices in the Miami metro area in August were the strongest in the nation in the latest Case-Shiller Home Price Indices, which Standard & Poor’s released this morning.

Prices rose 10.5 percent from August 2013, which, again, was the strongest yearly return in the nation; from July to August, though, prices were up just 0.3 percent, so we’ll have to track where Miami’s progress as 2014 draws to a close.

National Home Prices Continue to Weaken

Nationally, the situation was quite similar:

• The 10- and 20-City Composites rose 5.5 and 5.6 percent, respectively (compared with 6.7 percent in the last report), while the National Index rose 5.1 percent (compared with 5.6 percent).
• Furthermore, the national and composite indices rose just 0.2 percent from July to August.
• Regional differences were particularly strong – the Sun Belt reported its worst annual returns in two years, while western cities showed notable slowdowns.

Blitzer – Other Housing Data Perking Up

David M. Blitzer, the chairman of the Index Committee at S&P Dow Jones Indices, said that despite the continued weakening of home sale data, other housing data has “perked up” in recent months.

“September figures for housing starts, permits and sales of existing homes were all up,” Blitzer said. “New home sales and builders’ confidence were weaker. Continued labor market gains, low interest rates and slower increases in home prices should support further improvements in housing.”

Of course, there is considerable nuance to all those cited reports – construction, as we’ve reported many times, is primarily a multifamily affair, and lending standards remain tight – but housing continues to normalize at the pricing level, which is definitely a positive development.