Prices for homes in the nation’s 20 largest cities in June rose 12.1% over the last year, according to a report Tuesday from S&P/Case-Shiller home price index.
While that gain is still robust, it didn’t quite match the gain of 12.2% reported for May. Rising mortgage rates may be to blame.
“With interest rates rising to almost 4.6%, home buyers may be discouraged and sharp increases may be dampened,” David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a press release.
Home prices have been on a tear for the last twelve months. June marks the first time in over a year that the overall increase has been smaller than the month before. While prices rose in all 20 cities measured by the index, only six cities in June saw price increases larger than the month before, down from 10 cities in May.
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