U.S. home price growth picked up steam in June as strong demand continued to buoy the market.
The S&P/Case-Shiller 20-city index rose a seasonally adjusted 5.7% in the three-month period ending in June, compared with a year ago, the same rate of change as in May. The national index rose 5.8%, compared with a year ago, up from a 5.7% annual increase in May.
Nine cities had stronger annual price growth in June than in May, and western metros remained on top, with annual price gains ranging from 13.4% in Seattle to 7.7% in Dallas. Seattle prices are rising so rapidly that they have left No. 2 Portland in the dust, S&P Dow Jones Indices noted in a release.
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The national price index reclaimed its 2006 peak last fall, but the closely watched 20-city index is still about 2.9% shy of that bubble-era peak.
Earlier in August, data provider CoreLogic released its own home price index, which showed prices rose 6.7% for the year in June. In contrast, the Case-Shiller index is a three-month rolling average of prices.
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