House prices in the Twin Cities metro posted another healthy increase during August, but the increases have been more moderate than the national average, according to the latest S&P/Case-Shiller home price report.

In the 13-county metro home prices were up 0.7 percent from July to August, while prices year-over-year prices increased 3.5 percent. Nationwide, the July to August increase was also 0.3 percent, but the annual increase was 4.7 percent.

The report is based on repeat sales of the same property using public records. That's a contrast to data from the Minneapolis Area Association of Realtors (MAAR), which tracks the median price of all sales during the month; we'll have October sales data from MAAR during the second week of November. Stay tuned. In the meantime, here's a sampling of reaction to today's Case-Shiller report:

David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Dow Jones Indices: "Home prices continue to climb at a 4 to 5 percent annual rate across the country. Most other recent housing indicators also show strength. Housing starts topped an annual rate of 1.2 million units in the latest report with continuing strength in both single family homes and apartments. The National Association of Home Builders sentiment survey, reflecting current strength, reached the highest level since 2005, before the housing collapse. Sales of existing homes are running about 5.5 million units annually with inventories of about five months of sales. However, September new home sales took an unexpected and sharp drop as low inventories were cited as a possible cause. A notable part of today's economy is the continuing low inflation rate; in the year to September, consumer prices were unchanged. Even excluding food and energy, the core inflation was 1.9 percent. One result is that a 5 percent price increase in the value of a house means more today than it did in 2005-2006, the peak of the housing boom when the inflation rate was higher. The rebound from the recent lows was faster than the 1997-2005 housing boom, and also much less driven by inflation."

Quicken Loans vice president Bill Banfield: The small pool of available homes on the market has continued to push prices higher. Those who are waiting to list may be influenced by this sustained home price growth, giving a boost to home inventory. An increase in inventory could be exactly what is needed for first time home buyers to find the home they're waiting for.

Zillow Chief Economist Dr. Svenja Gudell: "Annual U.S. home value appreciation has stabilized and settled into a nice groove over the past few months with steady appreciation. This relative stability should continue into the foreseeable future. Interestingly, a good portion of the overall home price growth we're seeing, especially in cities, has been driven by strong growth in condominium values, which are currently appreciating more quickly than single-family homes. This is a sign of the times in terms of buyers' preferences, as condos often represent a more affordable, more urban housing option that is particularly attractive to younger buyers."