The S&P/Case-Shiller 10-City Composite Home Price index rose 5.5% on a year-over-year basis through August. The 20-city composite rose 5.6% over the same period. Both indexes were down from the 6.7% year-over-year growth they posted in July.
Miami led all cities with a 10.5% increase over the last 12 months, followed by Las Vegas (10.1%) and San Francisco (9%).
San Francisco had posted double-digit annual gains every month since November 2012.
David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices said “the Sun Belt region reported its worst annual returns since 2012, led by weakness in all three California cities -- Los Angeles, San Francisco and San Diego. Despite the weaker year-over-year numbers, home prices are still showing an overall increase, as the National Index increased for its eighth consecutive month."