Home prices rise at record pace for third straight month — with 6 cities leading the hot housing market

The numbers: Home prices continued to grow at a record pace in June, according to a leading barometer.

What happened: As in recent months, the largest price gains were recorded in Phoenix, San Diego and Seattle. In 19 of the 20 cities analyzed, home prices are at record highs, with Chicago being the lone holdout. Meanwhile, six cities — Boston, Charlotte, Cleveland, Dallas, Denver and Seattle — all saw record price appreciation over the past year.

The big picture: The intense competition for homes in recent months — fueled, in part, by low mortgage rates and a lack of housing inventory — translated into steadily rising home prices for much of the past year. But in more recent years, it’s become clear that the situation is beginning to change, and the breakneck pace of home-price appreciation is cooling.

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