The home price situation continued to improve in August both on a monthly and annual basis in August.
Overall, the House Price Index increased 0.7 percent during the month when compared to July's figure. According to the Federal Housing Finance Agency, the agency in charge of the index, there was a 0.1 percent increase in August. The latest index figure was also 4.7 percent higher than it was in the same month last year.
While property data showed improvements occurred, the report explained that August's level was nearly 16 percent less than the market peak, which occurred in April 2007.
The highest regional price gain was in the Pacific, as it rose 3 percent compared to July, the report added. East South Central's figure was the worst performer, with a 0.5 percent decline in price.
Home price improvements may encourage more consumers to get involved with the housing industry. Additionally, unemployment declined to 7.8 percent during September, according to the Department of Labor, which may suggest consumers are in a better financial situation to purchase a home.