Home prices were up 12.1 percent year over year and 2.2 percent on a monthly basis in June, according to the S&P/Case-Shiller 20-city composite index.
All 20 cities tracked by the indices posted monthly and annual gains, though only six cities saw their prices rise at a faster rate than last month, according to the indices.
“Overall, the report shows that housing prices are rising but the pace may be slowing. Thirteen out of 20 cities saw their returns weaken from May to June,” said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices. ”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 percent, homebuyers may be discouraged and sharp increases may be dampened.”