Case-Shiller 20-city home-price index flat in June

Housing prices are rising at the slowest pace in seven years.

The numbers: The rise in the cost of buying a house in the U.S. continued to slow in June, a key price barometer showed, although signs are emerging that the big deceleration over the past year my be coming to an end.

The S&P CoreLogic Case-Shiller 20-city price index was flat in June after seasonal adjustments.

The increase in the index over the past 12-months, what’s more, tapered off to 2.1% from 2.4%, marking the slowest rise in seven years.

Just one year ago, housing prices were rising three times faster at 6.3%.

What happened: Seventeen of the 20 large cities tracked by Case-Shiller posted increases in housing prices in June, but most of the increases were small.

Prices have risen the fastest in the past year in Phoenix and Las Vegas

Prices fell in June in New York, Miami and Seattle.

Seattle is the only major city in which prices have fallen over the past year.

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Metro area Monthly change Annual change Atlanta 0.2 4.5 Boston 0.7 3.9 Charlotte 0.4 4.5 Chicago 0.1 1.5 Cleveland 0.1 3.4 Dallas 0.2 2.7 Denver 0.4 3.4 Detroit 0.3 4.2 Las Vegas 0.1 5.5 Los Angeles 0.1 1.6 Miami -0.1 2.8 Minneapolis 0.5 3.9 New York -0.6 1.1 Phoenix 0.6 5.8 Portland 0.2 2.4 San Diego 0.4 1.3 San Francisco 0.2 0.7 Seattle -0.1 -1.3 Tampa 0.3 4.7 Washington 0.1 2.9

More broadly, home prices nationwide were up 3.1% in June from a year earlier, down from 3.3% in the previous month.

Big picture: Housing price rises began to slow about a year ago after an extended runup that discouraged buyers. Higher mortgage rates also hurt sales.

Yet with mortgage rates tumbling and house price rises leveling off, home sales could get a boost in the months ahead. The biggest obstacle might be a lack of willing sellers.

Read:

What they are saying?: “Home price gains continue to trend down, but may be leveling off to a sustainable level,” says Philip Murphy, a managing director at S&P Dow Jones Indices.

Market reaction: The Dow Jones Industrial Average and S&P 500 rose in Tuesday trades.

The 10-year Treasury yield slipped to 1.52%. The yield has sunk from a seven-year high of 3.23% last October.

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