The S&P/Case-Shiller home price index increased 5.0% in July, missing expectations for a 5.2% rise, after a 4.9% gain in June. June's figure was revised down from a 5.0% increase.

San Francisco, Denver and Dallas were the largest contributors to the rise, where prices climbed by 10.4%, 10.3% and 8.7%, respectively.

"Prices of existing homes and housing overall are seeing strong growth and contributing to recent solid growth for the economy," chairman of the index committee at S&P Dow Jones Indices David Blitzer said.

On a monthly basis, the S&P/Case-Shiller home price index fell by a seasonally adjusted 0.2% rate in July.

The S&P/Case-Shiller home price index measures single-family home prices in 20 U.S. cities.