USA Today – Julie Schmit
Home prices were up sharply in June but the pace may be slowing, a widely watched housing index reported Tuesday.
June home prices were up 12.1% from a year earlier and all 20 cities in the index posted gains on a monthly basis, shows the S&P Case-Shiller 20-city index.
But only six cities saw prices rising faster in June compared to 10 in May.
With interest rates rising to almost 4.6%, "home buyers may be discouraged and sharp increases may be dampened," says David Blitzer, chairman of the index committee at S&P Dow Jones Indices.
The seasonally adjusted numbers show the trend of slowing price gains. Month over month, prices were up 0.9%. That’s the slowest increase since November 2012.