U.S. home prices rose 0.1%, on a seasonally adjusted basis, in July compared to June and were up 4.4% compared to July 2013, according to the Federal Housing Finance Agency's (FHFA) monthly House Price Index, which is calculated using home sales price information from mortgages either sold to or guaranteed by Fannie Mae and Freddie Mac.
The FHFA revised its June figures to represent a 0.3% increase, compared to May. Previously, it reported that home prices increased 0.4% in June.
Despite steady appreciation during the past year, home prices remain 6.4% below their April 2007 peak, the FHFA reports. The rate of appreciation has been slowing during the past several months, with some areas of the country seeing prices decline, on average, for the first time since 2012.
As of July, home prices had reached their July 2005 index level.
Of the nine census divisions tracked in the report, the Middle Atlantic division saw home prices decrease 0.5% while the East North Central division saw prices increase 0.4%.
All nine divisions saw year-over-year price gains in July, with the Pacific division seeing 7.2% and the Middle Atlantic seeing 1.6% year-over-year growth.
July marked the eighth consecutive month that U.S. home prices increased, according to the FHFA.
Last week, valuations technology provider FNC reported that home prices inched up 0.6% in July compared to June, and were 7.4% higher compared to July 2013.
To view the FHFA's report, click here.