Home price increases slowed in July for the third consecutive month, evidence that rising mortgage rates are starting to slow activity in the housing market.
Prices climbed 15.8% nationally in July from the previous year, a marked drop from the revised gain of 18.7% recorded in June, the S&P CoreLogic Case-Shiller index showed on Tuesday.
"July’s report reflects a forceful deceleration," Craig Lazzara, a managing director at S&P Dow Jones Indices, said in a statement. "The -2.3% difference between those two monthly rates of gain is the largest deceleration in the history of the index."
The 10-City composite, meanwhile, climbed 14.9% annually, down from 17.4% in June, and the 20-City composite rose 16.1%, down from 18.7% the previous month.