"The improvements we've seen are very sustainable and very solid"
- Russell Price, senior economist at Ameriprise Financial
Home prices in the world's biggest economy gained further traction in August, posting the biggest yearly gain since July 2010, proving the property market is showing signs of a sustained recovery. The S&P/Case-Shiller home price index, which measures change in property values in 20 cities, jumped 2.0% in August from a year earlier, above analysts' expectations of a 1.9% increase and higher from 1.2% in the prior month.
"The housing recovery has had modest momentum," said Anika Khan, a senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina, a subsidiary of the largest U.S. mortgage lender. "We still are looking for housing improvement and think that trend will continue."
"The improvements we've seen are very sustainable and very solid," said Russell Price, senior economist at Ameriprise Financial in Detroit. "They're on very firm footing in the housing market."
U.S. stock markets were closed on Monday, due to the arrival of Hurricane Sandy.
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