The data released today by the S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices showed a sustained slowdown in price increases. Although the national index gained 6.2% in the 12 months ended in June — and the 10- and 20-city composities gained 8.1% — all three indices saw their rates slow from last month.

Even so, Denver was one of two cities that continues to set a new peak in home price gains: $154.39. That means home prices in Denver are 54.39 percent higher than the 100 base value of prices in January 2000. This represents a 1.2% change in prices from May and a 7.7% change from 2013 to this year.

David M. Blitzer, chair of the Index Committee at S&P Dow Jones Indices, observed that home prices continue to ease throughout the country, and for the first time since February 2008, all cities showed lower annual rates than the previous month. Yet other housing indicators — such as starts, existing home sales and builders' sentiments — are positive. "Taken together," he said, "these point to a more normal housing sector."

Blitzer added, "Bargain basement mortgage rates won't continue forever; recent improvements in the labor markets and comments from Fed Chair Janet Yellen and others hint that interest rates could rise as soon as the first quarter of 2015." And while rising mortgate rates won't send housing into a tailspin, Blitzer said, they "will further dampen price gains."