S&P reported on Tuesday its Case-Shiller Home Price Index, which tracks home prices in 20 U.S. metropolitan areas, rose 2.0 percent y-o-y in July, following a revised 2.2 percent y-o-y increase in June (originally a 2.1 percent y-o-y gain). That was the smallest annual advance in house prices since August 2012.

Economists had expected an advance of 2.2 percent y-o-y.

Phoenix (+5.8 percent y-o-y), Las Vegas (+4.7 percent y-o-y) and Charlotte (+4.6 percent y-o-y) recorded the highest y-o-y gains in July.

Meanwhile, the S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, was up 3.2 percent y-o-y in July, remaining the same from the previous month.