However, price gains weakened in 13 out of 20 cities from May to June.
“Overall, the report shows that housing prices are rising but the pace may be slowing,” according to S&P’s index committee chairman David Blitzer.
“As we are in the middle of a seasonal buying period, we should expect to see the most gains. With interest rates rising to almost 4.6%, homebuyers may be discouraged and sharp increases may be dampened,” Blitzer said.
Overall, homes price are up 12.1% since June 2012 and prices are at levels last seen in early 2004. The largest price rebounds have occurred in San Francisco and Phoenix.
Prices in San Francisco have rebounded 47% from its March 2009 low and prices in Phoenix have rebounded 37% from its September 2011 low.
Meanwhile, Dallas and Denver surpassed their pre-financial crisis peaks in May and both markets posted price gains of 1.7% in the month of June.