Home-Price Growth Hit Record in July

Home-price growth climbed to a new record in July, as buyers continued to compete fiercely amid a shortage of homes for sale.

The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, rose 19.7% in the year that ended in July, up from a 18.7% annual rate the prior month. July marked the highest annual rate of price growth since the index began in 1987.