Case-Shiller: U.S. home prices up 2.1% from a year ago in August, trailing 3.4% inflation

U.S. home prices rose 2.1% in the year to August, up from a 1.9% gain in July, according to the S&P Cotality Case-Shiller national index released Tuesday. The 10-city composite rose 3.6% from a year earlier and the 20-city composite rose 2.7%. Chicago posted the largest annual gain for a sixth straight month at 6.7%, followed by New York at 6.2% and Cleveland at 4.3%, while Seattle fell 2.0%, Las Vegas 1.3% and Denver 0.8%. S&P Dow Jones Indices said no valid August figure was available for Detroit because of recording delays in Wayne County.

Why it matters: With consumer prices up 3.4% over the same period, S&P said home values fell in inflation-adjusted terms for a 15th consecutive month, though the gap narrowed. The nearly 9-percentage-point spread between Chicago and Seattle shows how much local markets differ for buyers and sellers.