U.S. home price growth picked up steam in June as strong demand continued to buoy the market.
The S&P/Case-Shiller 20-city index rose a seasonally adjusted 5.7% in the three-month period ending in June compared to a year ago, the same rate of change as in May. The national index rose 5.8% compared to a year ago, up from a 5.7% annual increase in May.
Nine cities had stronger annual price growth in June than in May, and western metros remained on top, with annual price gains ranging from 13.4% in Seattle to 7.7% in Dallas. Seattle prices are rising so fast that they leave No. 2 Portland in the dust, S&P Dow Jones Indices noted in a release.
The national price index reclaimed its 2006 peak last fall, but the closely-watched 20-city index is still about 2.9% shy of that bubble-era high.