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October 29, 2013 AT 5:09 PM
U.S. single-family home prices rose in August and also posted their strongest annual gain in more than seven years, a closely watched survey showed on Tuesday. The S&P/Case Shiller composite index of 20 metropolitan areas rose 0.9 percent on a seasonally adjusted basis, beating economists' expectation of a 0.6 percent gain. The August price gains came despite a rise that month in 30-year mortgage rates that slowed mortgage applications and refinancing activity. The report suggested the housing sector continued to recover despite those headwinds.