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Home prices sag in August

By Les Christie, staff writer

NEW YORK (CNNMoney.com) -- Housing markets remained sluggish in August.

Home prices fell 0.2% from July after five consecutive months of gains, according to the S&P/Case-Shiller composite index of 20 metro areas. However, prices rose a modest 1.7% compared with a year earlier, the housing group reported Tuesday.

It was, said David Blitzer, spokesman, "a disappointing report ... indicating that the housing market continues to bounce along the recent lows."

The year-over-year rise fell short of expert expectations as put together by Briefing.com, who predicted a 2% year-over-year rise.

One city that bucked the trend was Las Vegas, where prices inched up 0.1% month-over-month. However, it continued to be the worst performer compared to last year, with prices down 4.5%. Prices in Sin City are down 57% from their peak, which was reached in August, 2006.

Detroit scored the best monthly gain, up 0.5%; San Francisco was up 7.8% year-over-year, the most of any city.

Dallas had the worst month of any of the 20 metro areas: Prices fell 1.1% there. To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.49%3.47%
15 yr fixed2.69%2.70%
5/1 ARM2.99%2.99%
30 yr refi3.49%3.49%
15 yr refi2.72%2.72%
Rate data provided
by Bankrate.com
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Index Last Change % Change
Dow 18,145.71 -16.64 -0.09%
Nasdaq 5,257.40 15.57 0.30%
S&P 500 2,141.16 -0.18 -0.01%
Treasuries 1.74 -0.01 -0.40%
Data as of 2:31pm ET
Company Price Change % Change
Reynolds American In... 53.78 6.61 14.01%
Chesapeake Energy Co... 6.68 -0.23 -3.33%
AT&T Inc 37.49 -1.16 -3.00%
Microsoft Corp 59.66 2.41 4.21%
Bank of America Corp... 16.67 0.11 0.66%
Data as of Oct 21


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