WASHINGTON — U.S. home prices rose sharply in August from a year ago, a trend that is thwarting many would-be buyers and potentially slowing sales.
The Standard & Poor’s CoreLogic Case-Shiller national home price index, released Tuesday, increased 6.1 percent in August from a year earlier. That’s higher than the 5.9 percent annual gain in July. In 9 of the 20 cities tracked by the index, yearly price gains in August were faster than in July.
Fewer Americans are selling their homes, and builders aren’t putting up enough new houses to meet burgeoning demand. That has forced homebuyers into bidding wars, lifting prices.