US house price growth slows in June

US house price growth slowed in June, according to the S&P/Case-Shiller National Home Price Index out on Tuesday.

The 20-city index rose 2.1% year-on-year, down from 2.4% growth in May and missing expectations for a 2.4% increase.

Phoenix, Las Vegas and Tampa reported the highest year-over-year gains among the 20 cities in June. Phoenix led the way with a 5.8% year-over-year price increase, followed by Las Vegas with a 5.5% rise and Tampa with a 4.7% increase. Six of the 20 cities reported greater price increases in the year ending June 2019 versus the year ending May 2019.

Meanwhile, the national home price NSA index covering all nine US census divisions was up 3.1% on an annual basis, down from 3.3% growth the month before.

Philip Murphy, managing director and global head of index governance at S&P Dow Jones Indices, said: "Home price gains continue to trend down, but may be levelling off to a sustainable level."