US home price growth cools to 4.2pc in August

S&P CoreLogic/Case-Shiller said on Tuesday that US home prices increased by 4.2% in August, down from the 4.8% gain seen in July as higher interest rates curbed growth.

The 10-City Composite index grew by 6.0% year-on-year, down from 6.8% in July, while the 20-City Composite rose by 5.2%, lower than the 5.9% rise seen in the previous month.

New York saw the highest annual gain among major cities at 8.1%, followed by Las Vegas and Chicago at 7.3% and 7.2%, respectively. Denver, on the other hand, reported the lowest growth rate at 0.7%.

Reporting by Iain Gilbert at Sharecast.com