Home prices continue to increase nationwide, according to the Standard & Poor’s/Case-Shiller index for the nation’s largest 20 cities. Prices rose 12.1% year over year in June, marking the fourth consecutive month of double-digit gains.
All 20 cities of the index posted gains on a monthly and annual basis. However, only six cities saw prices rising faster this month than last, compared to ten in May.
California cities, along with Las Vegas and Phoenix, saw the biggest gains. Home prices rose 24.9% in Las Vegas; 24.5% in San Francisco; 19.9% in Los Angeles; 19.8%, Phoenix; and 19.3%, San Diego.
“The Southwest and California have consistently led the recovery with Las Vegas, Los Angeles, Phoenix and San Francisco posting at least 15 months of gains,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices.
“Overall, the report shows that housing prices are rising but the pace may be slowing. Thirteen out of twenty cities saw their returns weaken from May to June. As we are in the middle of a seasonal buying period, we should expect to see the most gains. With interest rates rising to almost 4.6%, home buyers may be discouraged and sharp increases may be dampened.”
View the full report and commentary here.
Photo Above: 12701 Hortense Street, Studio City
