Home prices up in August but at a slower pace

The U.S. index is 9.4 percent below its April 2007 peak and is roughly the same as the April 2005 index level.

A separate report on Monday from the National Association of Realtors showed that the median existing-home price in September was up 11.7 percent from the same month a year ago, representing the 10th consecutive month of double-digit year-over-year increases.

Total housing inventory at the end of September was unchanged at 2.21 million, representing a five-month supply.

Although mortgage rates have been ticking up, they remain near historic lows. Last week, Freddie Mac reported that the average rate for a 30-year fixed mortgage was 4.28 percent last week, up nearly a full point from 3.35 percent in early May.

Regionally, the report showed that prices increased 1.3 percent in the Mountain region, which includes Nevada and Arizona, where the housing crash hit the hardest, and an area that has seen some of the strongest growth. 

Prices were up 1.2 percent in the West North Central region, while they fell 0.5 percent in the South Atlantic.

The index is calculated using home sales price information from mortgages either sold to or guaranteed by Fannie Mae and Freddie Mac.