The Federal Housing Finance Agency (FHFA) released its monthly house price index for the U.S. on Tuesday. The U.S. house price index rose 0.2% on a seasonally adjusted basis in June, missing expectations for a 0.4% increase, after a 0.5% gain in May. May's figure was revised up from 0.4% rise.

The house price index climbed 1.2% in the second quarter.

"Home price growth in the second quarter once again far exceeded the pace of overall inflation, even as mortgage rates drifted upwards. Although too early to tell whether it's a sign of a slowdown, the monthly appreciation rate in June was more modest than we have seen in a while," FHFA Principal Economist Andrew Leventis said.