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Home prices keep rising; less so in large cities

Good news if you own a home in Seattle; the average home price in the metropolitan area increased 13.2% year-over-year as of Aug. 31. Home prices in all major U.S. census regions appreciated, but many at slowing rates. The data also show a declining demand for homes in larger metropolitan areas, with low growth in Chicago, New York and Washington. The increased demand for homes in midsized cities was further exhibited in the composite 10- and 20- indexes, with the growth of the former moving at a higher clip than the latter. Nationally, home prices were up 6.1% for the 12-month period ended Aug. 31.

Analysis from S&P noted that home prices are outpacing other consumer expenses including energy and hospital care; the consumer price index rose 1.9% over the same time period, increasing to 2.2% as of Sept. 30.