The local housing recovery is now a year old, a new housing report shows.

Home prices in the Los Angeles-Orange County area were up 19.9 percent in the 12 months ending in June, according to the S&P/Case-Shiller Home Price Index.

It was the 12th consecutive month of annual price gains that began in July 2012.

The L.A.-O.C. percentage gains also were the third highest among 20 U.S. metro areas covered by the Case-Shiller index, trailing only Las Vegas and San Francisco.

“The Southwest and California have consistently led the recovery, with Las Vegas, Los Angeles, Phoenix and San Francisco posting at least 15 months of gains,” said David M. Blitzer, chairman of the S&P Dow Jones Indices.

The past year’s gains follow more than five years of near-constant home price drops. (See chart)

At the low point, L.A.-O.C. home prices were down 42 percent, wiping out all price gains since July 2003. The current recovery has boosted home prices back to May 2004 levels, although current values remain 26 percent below the price peak reached in late 2006.

Case-Shiller’s report examines repeat sales of single-family homes, comparing profits or losses on any home sold over a given period.

Index June Price:1-yr ch
Case-Shiller L.A./O.C. 19.9%
DataQuick O.C. 18.4%
Calif. Realtors O.C. 16.5%
CoreLogic O.C. 21.7%

The index is the latest of several key housing reports showing Orange County home prices up in June. (See chart)

Prices of existing single-family homes measured in the index were up in all 20 U.S. cities, with gains ranging from 3.3 percent in the New York area to 24.9 percent in Las Vegas. San Francisco home prices posted a 24.5 percent increase in June.

The 20-city composite index was up 12.1 percent in June. Nationally, home prices rose more than 10 percent annually in each of the two quarters that made up the first half of 2013, index figures show.

The June report reflects home sales closed in June, but commenced as much as two months earlier – before increases in inventory and mortgage interest rates began to cool amid an overheated recovery.

The national figures “show that housing prices are rising, but the pace may be slowing,” Case-Shiller’s report said. Thirteen of the 20 cities saw returns weaken from May to June.

“With interest rates rising to almost 4.6 percent, home buyers may be discouraged, and sharp increases may be dampened,” Blitzer said.