US home price growth cooled in July at fastest pace since 1980s

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.