US home prices rise 12.4%, most in 7½ years
By CHRISTOPHER S. RUGABER | AP Economics Writer September 24, 2013 8:24AM
Updated: September 24, 2013 8:34AM
WASHINGTON — U.S. home prices rose 12.4 percent in July compared with a year ago, the most since February 2006. An increase in sales on a limited supply of available homes drove the gains.
Chicago-area home prices increased 7.8 percent in July compared with a year earlier. Prices rose 3.2 percent from June to July.
The Standard &Poor’s/Case-Shiller 20-city home price index improved from a 12.1 percent year-over-year gain in June. And all 20 cities posted gains in July from the previous month and compared with a year ago.
Still, the month-over-month price gains shrank in 15 cities in July compared with the previous month, indicating prices may be peaking.
Home prices soared 27.5 percent in Las Vegas from a year earlier, the largest gain. San Francisco’s 24.8 percent jump was the second largest and the biggest yearly return for that city since March 2001.