Home prices rose across the U.S. over the 12 months to June, according to data released Tuesday.
The S&P/Case-Shiller U.S. National Home Price Index, which cover all nine U.S. Census divisions, recorded a year-over-year 4.5% annual increase in June, compared with a 4.4% increase in May.
The 10-City Composite increased by 4.6% year-over-year, while the 20-City Composite rose by 5% year-over-year.
Eleven cities reported bigger price rises in the year ending in June than in May, led by Denver’s 10.2%, San Francisco’s 9.5% and Dallas’ 8.2%.
Year-over-year growth at the opposite end of the spectrum was much slower, with Chicago up by 1.4%, Washington by 1.6% and New York and Cleveland by 2.8%.
Phoenix and Detroit continued their monthly year-over-year streaks, with the former up 4.1% in June, its seventh consecutive rise, and the latter up 5.7%, its sixth increase in a row.
S&P/Case-Shiller’s National and 20-City composites both rose by 1% month-over-month in June, and the 10-City Composite gained 0.9%.
Before seasonal adjustment, all 20 cities reported increases in June. With seasonal adjustment, nine were up, nine down and two were unchanged.
“Nationally, home prices continue to rise at a 4%–5% annual rate, two to three times the rate of inflation,” David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a statement.