Home prices are continuing to skyrocket in certain parts of the country, but the pace of gains has stabilized as interest rates continue their upward march, according to new data released Tuesday.
Prices for homes in the nation’s 20 largest cities in June rose 12.1% over the last year, according to a report Tuesday from S&P/Case-Shiller home price index, cnn.com reports.
“With interest rates rising to almost 4.6%, home buyers may be discouraged and sharp increases may be dampened,” David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a press release, cnn.com also reported.
