Home prices rose 6.2% on an annual basis in June, not seasonally adjusted, down from a 6.4% gain in May, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index, released Tuesday.
The 10-city composite index grew 6.0% year-over-year, down from 6.2% in the prior month, while the 20-city index grew 6.3% year-over-year, off from 6.5% in May.
Seasonally adjusted month-over-month, the national index rose 0.3% in June, the 20-city composite grew 0.1%, and the 10-city composite increased 0.1%. Before adjustment the national index was up 0.8% in the month, while the 10- and 20-city composites gained 0.4% and 0.5%, respectively.
Economists polled by IFR Markets expected a 0.3% rise month-over-month and 6.5% year-over-year.
"Las Vegas, Seattle and San Francisco continued to report the highest year-over-year gains among the 20 cities, with year-over-year price increases of 13.0%, 12.8% and 10.7%, respectively," according to a release.
Six cities saw larger price increases for the year ending June than in May.
“Home prices continue to rise across the U.S.,” David M. Blitzer, managing director & chairman of the index committee at S&P Dow Jones Indices, said in a release. “However, even as home prices keep climbing, we are seeing signs that growth is easing in the housing market. Sales of both new and existing homes are roughly flat over the last six months amidst news stories of an increase in the number of homes for sale in some markets. Rising mortgage rates — 30 year fixed rate mortgages rose from 4% to 4.5% since January — and the rise in home prices are affecting housing affordability.”
