Home prices rose again in June as mortgage rates stabilized during the typical peak period for buying and selling.
The S&P Cotality Case-Shiller 20-City Composite Home Price Index, which measures home prices in 20 of the nation’s largest metropolitan areas, increased 2.1% in June from a year earlier, according to data released Tuesday.
The national index, which includes more metro areas, jumped 1.5%.
“While home prices continue to decline in real terms, lower inflation and firmer nominal home price growth in June helped slow that pace of erosion,” Rebecca Kaufman, associate director of commodities at S&P Dow Jones Indices, said in a statement.
Mortgage rates held steady around 6.5% in June, a level high enough to sideline many prospective buyers and sellers. But those who remained in the market enjoyed a period of stability after rates rose rapidly in the spring.
Read more: How to get the lowest mortgage rates right now
“The housing market remains under pressure, with 30-year mortgage rates holding near 6.5% in June,” Kaufman said. “As financing costs are kept high for prospective buyers, current homeowners remain reluctant to give up the low mortgage rates secured in prior years.”
Home prices in Chicago continue to grow the fastest of any major city, jumping 6.9% in June from a year earlier. New York and Cleveland followed, with gains of 4.8% and 4.1%, respectively.
In contrast, home prices dropped 2% in Seattle and 1.9% in Las Vegas.
Claire Boston is a Senior Reporter for Yahoo Finance covering housing, mortgages, and home insurance.
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