The S&P/Case-Shiller home price index increased 5.0% in June, missing expectations for a 5.1% rise, after a 4.9% gain in May.

Denver, San Francisco and Dallas were the largest contributors to the rise, where prices climbed by 10.2%, 9.5% and 8.2%, respectively.

"The price gains have been consistent as the unemployment rate declined with steady inflation and an unchanged Fed policy," 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 climbed by a seasonally adjusted 0.1% rate in June.

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