News Summary: June US home prices rise 12.1 pct.
HOME PRICES RISE: U.S. home prices rose 12.1 percent in June from a year earlier, according to the Standard &Poor’s/Case-Shiller 20-city home price index. And prices rose in all 20 cities from the previous month and compared with a year ago.
SLOWER INCREASES: Fourteen of the 20 cities posted smaller gains in June compared with May. That’s unusual considering June is the middle of the summer buying season.
SUSTAINABLE GAINS: Most economists expect the overall index to slow to single digits in the coming months, which they see as a more sustainable pace. Rapid gains would make home-buying less affordable and could slow sales.
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