WASHINGTON (AP) — U.S. home prices rose 12.1 percent in June from a year earlier, nearly matching a seven-year high. But monthly price gains slowed in most markets, a sign that higher mortgage rates may be weighing on the housing recovery.
The Standard &Poor’s/ Case-Shiller 20-city home price index slowed only marginally from May’s year-overyear gain of 12.2 percent, the fastest since March 2006. And all 20 cities posted gains from the previous month and compared with a year ago.
Home prices in Las Vegas posted the biggest increase, soaring 24.9 percent from a year earlier. Purchases by investors have helped drive that increase.
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