US house prices rose 5% on the year in July, the S&P/Case-Shiller index of prices in 20 metropolitan areas showed.
On the month, prices fell 0.2% on a seasonally adjusted basis. Both readings were below expectations.
David Blitzer, the managing director of the index committee at S&P Dow Jones Indices, said prices were showing strong growth, and that an expected increase in interest rates by the Federal Reserve would be unlikely to upset the sector’s strong performance.
