The S&P/Case-Shiller index of property values in 20 cities rose 0.9 percent on a seasonally adjusted basis, compared to a 1 percent increase in May.
Residential real estate prices increased 12.1 percent year-over-year in June, while the year-over-year gain in May was 12.2 percent — the highest uptick in prices since March 2006.
All 20 cities recorded in the index demonstrated year-over-year growth; Las Vegas and San Francisco had the biggest gains at 24.9 percent and 24.5 percent, respectively. New York had the smallest increase at 3.3 percent. The cities with the largest monthly gains in June were San Diego and Las Vegas, both with 2.2 percent increases in seasonally adjusted prices.
“Housing prices are rising but the pace may be slowing,” David Blitzer, chairman of the S&P index committee, said in a statement. “With interest rates rising to almost 4.6%, home buyers may be discouraged and sharp increases may be dampened.”
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