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Home Prices Surge in June, Double-Digits Continue, All Tracked Cities Showing Gains

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By Alejandro Lazo

home_prices_object_dollar_sign(MCT)—Home prices in large U.S. cities rose sharply in June, marking the fourth consecutive double-digit gain for the nation’s leading home price index.

The Standard & Poor’s Case-Shiller index for the nation’s biggest 20 cities was up 2.2 percent from May and 12.1 percent over the same month a year earlier. Every city tracked by the measure posted an increase last month, but only six cities saw prices rising faster in June than in the prior month, indicating that the torrid pace of gains may ease.

More than half of the cities posted double-digit gains when compared to the same month a year ago. Western cities lead the way with Las Vegas up 24.9 percent, San Francisco 24.5 percent and Los Angeles 19.9 percent.

“The Southwest and California have consistently led the recovery,” David M. Blitzer, chairman of the index committee at S&P, says. “Overall, the report shows that housing prices are rising but the pace may be slowing.”

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