house prices rose 12.4 percent in July from a year ago, the most since February 2006. An increase in sales on a limited supply of available homes has led the gains.
The Standard & Poor's / Case- Shiller 20 city home price index reported Tuesday has improved since June, when it rose 12.1 percent from a year ago. And all the 20 cities have posted gains in July from the previous month and from a year ago.
Yet , the prices month -on-month earnings were reduced in 15 cities in July from the previous month , prices indicate may be peaking .
Stan Humphries , chief economist for real estate data provider Zillow , said home price is expected to continue to grow, but at a slower pace.
Mortgage rates have risen by more than a percentage point from May . And most homes are under construction. This should alleviate the supply problems that have inflated prices in some markets.
"This moderation in place is good for the global market ," said Humphries .
House prices rose 27.5 percent in Las Vegas from a year earlier , the biggest gain . 24.8 percent jump in San Francisco was the second largest and the biggest annual return for that city since March 2001.
The index covers about half of American homes . It measures prices compared with those in January 2000 and creates a three-month moving average . The July figures are the latest available . They are not adjusted for seasonal variations , so the monthly gains reflect more buying activity during the summer.
















