US home price growth stalls in June 2014

The US home price growth slowed in June 2014, an S&P/Case Shiller survey has indicated, continuing a long-term deceleration in the housing market.

The S&P/Case Shiller Home Price index covering 20 US major cities saw an 8.1% year-on-year price increase in June, compared with a 9.4% rise in May.

Prices in Las Vegas, Phoenix, Miami and Tampa are still about a third below their housing bubble peaks of almost a decade ago.

The deceleration pointed to a “more normal sector”, the company said.

“Home price gains continue to ease as they have since last fall [autumn],” said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices.

“For the first time since February 2008, all cities showed lower annual rates than the previous month,” David M. Blitzer said.