Home prices were up 12.4 percent year over year and 1.8 percent on a monthly basis in July, according to the S&P/Case-Shiller 20-city composite index.

All 20 cities tracked by the indices posted monthly and annual gains, though 15 of the 20 saw their monthly price gains decrease compared to the previous month, according to the indices.

“Since April 2013, all 20 cities are up month to month; however, the monthly rates of price gains have declined,” said David Blitzer, chairman of the index committee at S&P Dow Jones Indices, in a statement. “More cities are experiencing slow gains each month than the previous month, suggesting that the rate of increase may have peaked.”

“Following the increase in mortgage rates beginning last May, applications for mortgages have dropped, suggesting that rising interest rates are affecting housing.”

“The Fed’s announcement last week that QE3 bond buying will continue for the time being may have only a limited, though favorable, impact on housing.”

Source: S&P Dow Jones Indices

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