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US home prices jump 12.4 per cent in July from a year ago, most in 7 1/2 years

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FILE - In this Tuesday, July 30, 2013, file photo, a realty sign hangs in front of a home for sale in Gilbert, Ariz .Standard & Poor\'s Case-Shiller reports on home prices in July on Tuesday, Sept. 24, 2013. (AP Photo/Matt York, File)

WASHINGTON – U.S. home prices rose 12.4 per cent 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 per cent 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 per cent in Las Vegas from a year earlier, the largest gain. San Francisco’s 24.8 per cent jump was the second largest and the biggest yearly return for that city since March 2001.

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