WASHINGTON – For a fourth consecutive monthly gain, U.S. home prices rose 1% in June, slower than the 1.2% rise in May, as spring wound down, according to S&P/Case-Shiller's 20-city composite index released Tuesday. Among 20 tracked cities, all saw higher home prices in June, led by New York. After seasonal adjustments, home prices among the 20 cities declined 0.2% in June, compared with a drop of 0.3% in May. Meanwhile, annual growth slowed down, with year-over-year home prices rising 8.1% in June -- the slowest pace in more than a year -- compared with annual growth of 9.4% in May. For the first time since early 2008, each of the 20 cities saw annual price growth slow down. Slower home-price growth, along with indicators such as a more positive outlook among home builders, are a good sign, said David Blitzer, index committee chairman at S&P Dow Jones Indices. "Taken together, these point to a more normal housing sector," he said. Including June's monthly gain, home prices were about 17% below a 2006 peak.
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