Average home prices increased 1.9 and 1.8 percent for the 10- and 20-city composites in July, according to the S & P/Case-Schiller Home Price Indices. All 20 cities showed monthly gains since April, but the rate of those gains has been decreasing.
"More cities are experiencing slow gains each month than the previous month, suggesting that the rate of increase may have peaked," David M. Blitzer, chairman of the index committee, said in a statement. "Following the increase in mortgage rates beginning last May, applications for mortgages have dropped, suggesting that rising interest rates are affecting housing."
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