From the WSJ:
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%.
“While the year-over-year figures are trending downward, home prices are still rising month-to-month although at a slower rate than what we are used to seeing over the past couple of years,” said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices.
“The slower pace of home price appreciation is consistent with most of the other housing data on housing starts and home sales,” he said. “The rise in August new home sales–which are not covered by the S&P/Case-Shiller indices–is a welcome exception to recent trends.”
Regionally, cities in the south and west that saw the largest price cuts during the recession, are seeing some of the strongest price increases now. But even in areas like Las Vegas and Miami, the yearly gains have slowed.