US single-family home prices increase in August, FHFA says

U.S. single-family house prices increased in August even as supply has improved significantly, suggesting affordability would remain a challenge for many prospective home buyers.

House prices rose 0.4% on a month-over-month basis, the Federal Housing Finance Agency said on Tuesday. Data for July was revised up to show prices being unchanged instead of dipping 0.1%, as initially reported. Prices increased 2.3% in the 12 months through August, after rising by the same margin in July.