US house prices rise by the most since 1991 in August, FHFA says

US house prices clocked in with their fastest pace of gains since 1991 in August, a closely-followed gauge of home price inflation showed.

According to the Federal Housing Finance Agency, house prices in the US jumped at a month-on-month pace of 1.5% in August (consensus: 0.7%).

That put them 8.0% ahead for over the past 12 months.

In comparison to the previous month, house price increases ranged from 0.9% in the East South Central division to 1.9% in the West South Central, although in almost all cases they were up by over 1.3%.

Dr. Lynn Fisher, the FHFA's deputy director of research attributed August's increase in house prices to "historically low interest rate environment, rebounding housing demand, and continued supply constraints."