The housing market continues to show improvement as home prices in August have suddenly risen. But this rise is said to fall as the summer season comes to an end.
According to Reuters, CoreLogic, a data analysis firm, released a report on Tuesday that showed that the home price index went up by 0.3 percent from July and was up 4.6 percent compared to last year.
That was the biggest year-over-year increase since July of 2006.
"Excluding distressed sales, price gains were even larger. Home values rose 1 percent compared with the month before and were up 4.9% on a yearly basis," Reuters confirmed.
"Homes that have been seized by banks or are in danger of being foreclosed are often sold at significantly reduced prices."
Many economists believe the weak housing market is finally making a comeback, although the reports by CoreLogic indicate that prices will fall by 0.3 percent in September, Reuters reported.
This will be because of the seasonal change.
But, the index report also shows that home prices are predicted to have an increase of 5 percent.
This would be more than it increased last year when the economy collapsed.
The housing market is not known for doing so well during the fall as summer is the season to buy homes.