The yearly growth in home prices across the U.S. slowed more than expected in the middle of summer, according to a home price report released Tuesday.
The home-price index covering the entire nation increased 5.6% in the 12 months ended in July, said the S&P/Case-Shiller Home Price Index report. That is down from 6.3% in June. U.S. home prices were rising at double-digit yearly rates as recently as February 2014.
The home price index covering 10 major U.S. cities increased just 6.7% in the year ended in July. The 20-city price index was also up 6.7%, less than the 7.3% expected by economists surveyed by The Wall Street Journal.
On an unadjusted basis, the national index increased 0.5% in July over June, while the 10-city index and the 20-city composite each increased 0.6%. Seasonally adjusted, the U.S. index increased 0.2% in July, the 10-city gauge and the 20-city composite each fell 0.5%.
Information from The Wall Street Journal
