The last time that the S&P CoreLogic Case-Shiller's National Composite Index matched August's 5.7% growth rate was 25 months ago, in July 2018. If it grows at similar rates in the following months, S&P Dow Jones Indices is ready to conclude that the COVID-related deceleration is behind us.

"A trend of accelerating increases in the National Composite Index began in August 2019 but was interrupted in May and June, as COVID-related restrictions produced modestly-decelerating price gains," Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices said in a prepared statement. "We speculated last month that the accelerating trend might have resumed, and August's results easily bear that interpretation."

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index was up from 4.8% in July. The 10-City Composite annual increase came in at 4.7%, up from 3.5% in the previous month. The 20-City Composite posted a 5.2% year-over-year gain, up from 4.1% in the previous month.