Home prices in major U.S. metropolitan areas rose by more than expected in the month of August, according to a report released by Standard & Poor's on Tuesday.
The report said the S&P/Case-Shiller 20-City Composite Home Price Index rose by a seasonally adjusted 0.9 percent in August following a 0.6 percent increase in July. Economists had been expecting prices to increase by about 0.7 percent.
On a non-seasonally adjusted basis, the index increased by 1.3 percent in August compared to a 1.8 percent increase in the previous month.
The 20-City Composite Home Price Index saw a 12.8 percent annual rate of growth in August compared to expectations for 12.4 percent growth.
S&P said all twenty cities saw monthly price growth in August, although most cities showed deceleration compared to July.
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