Home Prices Make Very Small Advance In July

Home price appreciation decelerated according to FHFA with a rise of 0.1 percent in July, following a 0.3 percent advance the month before. July's number came in below market expectations for a 0.4 percent gain. The year-ago rate continues to slow, easing to 4.4 percent from 5.1 percent in June.

Regionally, five Census regions reported gains in July; two declined; and two were unchanged.

Housing is stalling. After yesterday's disappointing 1.8 percent decrease in existing home sales for August, today's report adds to the view of housing being sluggish.

The FHFA purchase only house price index improved in June with a rise of 0.4 percent, compared to 0.2 percent in May. But the year-ago rate slowed to 5.1 percent from 5.3 percent in May. Regionally, four Census regions showed gains in June; three declined; and two were unchanged. Overall, home prices are sputtering.