By Christopher S. RugaberAssociated Press
Tue Aug 27, 2013 9:13 AM
WASHINGTON — U.S. home prices rose 12.1 percent in June from a year earlier, nearly matching a seven-year high. But month-over-month price gains slowed in most markets, a sign that higher mortgage rates may weigh on the housing recovery.
The Standard & Poor’s/Case-Shiller 20-city home price index slowed only marginally from May’s year-over-year gain of 12.2 percent, the fastest since March 2006. And all 20 cities posted gains from the previous month and compared with a year ago, according to the report released Tuesday.
Home prices in Las Vegas soared 24.9 percent from a year earlier to lead all cities. Purchases by investors have helped drive that increase.
Other cities hit hard by the housing bust also posted stunning gains in the past year. Prices have jumped 24.5 percent in San Francisco and nearly 20 percent in both Phoenix and Los Angeles.
Still, 14 of the 20 cities posted smaller gains in June compared with May. That’s unusual considering June is the middle of the summer buying season.
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