Adjusted for seasonal variations, home prices rose 0.6 percent from June to July, according to the S&P/Case-Shiller index of 20 cities. On a non-adjusted basis, prices rose 1.8 percent. Las Vegas demonstrated the largest month-over-month increase, with 2.5 percent.
All the 20 metropolitan areas measured in the index had year-over-year gains. Again, Las Vegas showed the biggest leap, with a 27.5 percent annual surge. San Francisco, Los Angeles and San Diego rounded out the top four cities, with year-over-year gains of 24.8 percent, 20.8 percent and 20.4 percent, respectively
“The Southwest continues to lead the housing recovery,” David Blitzer, chairman of the S&P index committee, said in a statement. However, “more cities are experiencing slow gains each month than the previous month, suggesting that the rate of increase may have peaked.”
Home prices in July were approximately 21 percent below a 2006 peak.
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