US home values rose more than expected during the dog days of summer, according to updates on both key national price gauges released Tuesday.

The Case-Shiller 20-City index rose more than 1% from July to August, a meaningful jump.

Just as notable: The gauge posted a 2.2% YoY increase.

Recall that the gauge returned to YoY growth in July, when the index posted a minuscule 12-month gain, the first since February. August’s YoY increase represented a marked acceleration.

The national gauge posted an even larger YoY gain at 2.6%. August marked the seventh straight MoM increase.

“It’s worth noting that the National Composite, the 10-City Composite and seven individual cities stand at their all-time highs,” S&P managing director Craig Lazzara said Tuesday.

Prices are at new records in Atlanta, Boston, Charlotte, Chicago, Detroit, Miami and New York.

Meanwhile, FHFA prices rose 0.6% in August from July. That was ahead of estimates. On a YoY bases, the FHFA index rose 5.6%. “US and regional house price gains remained strong over the last 12 months,” Nataliya Polkovnichenko, Supervisory Economist in FHFA’s Division of Research, remarked.

Obviously, this is good news for homeowners, but it’s insult to injury for aspiring young families trying to realize the American dream. Tuesday’s data suggests house prices hit new records just as mortgage rates embarked on another steep ascent towards 8%.

A quick check on Redfin’s always entertaining news section found Lily Katz noting that new construction’s share of for-sale homes in Q3 was almost a third. That’s not quite a record (higher figures were recorded on a few occasions over the last two years) but it was a record for any Q3.

“New builds are taking up a growing share of the pie as builders attract buyers with concessions, and surging mortgage rates prevent existing homeowners from selling,” Katz wrote.

For context, new construction’s share of for-sale homes a decade ago was 6%. It was 15% on the eve of the subprime crisis.