US home prices soar 18.6% in June

Average home prices in major metropolitan areas across the US soared 18.6% year-on-year in June, according to the S&P CoreLogic Case-Shiller national home price index, the largest annual gain in history.

The 10-City composite rose 18.5%, up from 16.6% in the prior month, while the 20-City composite was 19.1% higher year-on-year, up from 17.1% in May.

Phoenix, San Diego, and Seattle saw the steepest price increases of the 20 cities in the survey, while prices in every city, except Chicago, were at all-time highs.

Craig Lazzara, managing director and global head of index investment strategy at S&P DJI, said: "The last several months have been extraordinary not only in the level of price gains, but in the consistency of gains across the country.

"In June, all 20 cities rose, and all 20 gained more in the 12 months ended in June than they had gained in the 12 months ended in May."