US Home Prices Rise 12.4 Pct., Most In 7½ Years - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

US Home Prices Rise 12.4 Pct., Most In 7½ Years

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WASHINGTON (AP) - 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.
    
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.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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