S&P reported on Tuesday its Case-Shiller Home Price Index, which tracks home prices in 20 U.S. metropolitan areas, rose 3.5 percent y-o-y in June, following a revised 3.6 percent y-o-y increase in May (originally a 3.7 percent y-o-y gain).

Economists had expected an advance of 3.8 percent y-o-y.

Phoenix (+9.0 percent y-o-y), Seattle (+6.5 percent y-o-y) and Tampa (+5.9 percent y-o-y) recorded the highest y-o-y advances in June. Five of the 19 cities reported greater price gains in the year ending June versus the year ending May.

Meanwhile, the S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, rose 4.3 percent y-o-y in June, no change from the previous month.

“Housing prices were stable in June,” noted Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. “More data will be required to understand whether the market resumes its previous path of accelerating prices, continues to decelerate, or remains stable. That said, it’s important to bear in mind that deceleration is quite different from an environment in which prices actually fall.”