Have us house prices peaked?

US house prices may have peaked, according to the S&P/Case-Shiller index.

The report shows that property values in America were 12.4 per cent higher in July 2013 compared to the previous year. The index covering 20 cities climbed 1.8 per cent month-on-month, with all cities recording rises for the fourth consecutive month.

Las Vegas led the charge, with values soaring 27.5 per cent year-on-year, an even faster rate than the 24.9 per cent annual surge seen in June. Phoenix property prices, meanwhile, have risen for 22 months in a row.

San Francisco, Los Angeles and San Diego property all saw values jump by over 20 per cent year-on-year, but the recovery is still going, with each state remaining “far below” their peak levels, Case Shiller notes.

Indeed, 15 out of the 20 cities covered by the index saw increases that were smaller than in previous months, suggesting that the rate of growth may have peaked.