NEW YORK -- U.S. single-family home prices fell in June and disappointed expectations, a closely watched survey said Tuesday.
The S&P/Case Shiller composite index of 20 metropolitan areas declined 0.2 percent in June on a seasonally adjusted basis. A Reuters poll of economists had forecast a flat reading.
Non-seasonally adjusted prices rose 1 percent in the 20 cities, in line with expectations.
"Home price gains continue to ease as they have since last fall," David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement.
"For the first time since February 2008, all cities showed lower annual rates than the previous month. Other housing indicators -- starts, existing home sales and builders' sentiment -- are positive. Taken together, these point to a more normal housing sector."
Prices in the 20 cities rose 8.1 percent year over year, shy of expectations for 8.4 percent.
A broader measure of national housing market activity that Case-Shiller is now releasing on a monthly basis rose at a slower pace year over year, coming in at 6.2 percent. Previously, Case-Shiller had released its national index on a quarterly basis.
The seasonally adjusted 10-city gauge fell 0.1 percent in June versus a 0.2 percent decline in May, while the non-adjusted 10-city index rose 1 percent in June compared to a 1.1 percent rise in May.
Year over year, the 10-city gauge also rose 8.1 percent.
House Rich: Neighborhoods With the Biggest Price Jumps
Case-Shiller: Home Prices Fall in June
Year-over-year gain: 21.5%
Median sale price, Jan. 2013: $224,450
Median sale price, Jan. 2014: $272,750
Residents enjoy hundreds of nearby hiking trails, as well as indoor culture at the Fine Arts Center and the Colorado Springs Philharmonic.
Year-over-year gain: 22%
Median sale price, Jan. 2013: $318,375
Median sale price, Jan. 2014: $388,500
This neighborhood, bounded by the Schuylkill River and 20th Street, and by South Street and Christian Street, was viewed as a slum in the 1970s, when Philadelphia's Redevelopment Authority took over abandoned properties.
Year-over-year gain: 24.2%
Median sale price, Jan. 2013: $516,450
Median sale price, Jan. 2014: $641,500
Magnolia covers 4 square miles, making it the second-largest Seattle neighborhood by area. It features a lighthouse built in 1881 and is home to Seattle's largest park, at 534 acres.
Year-over-year gain: 32.1%
Median sale price, Jan. 2013: $210,446
Median sale price, Jan. 2014: $277,898
Paradise Valley, in the heart of the Scottsdale-Phoenix area, gets an average 294 days of sunshine a year -- hence, the more than 200 golf courses.
Year-over-year gain: 32.2%
Median sale price, Jan. 2013: $344,750
Median sale price, Jan. 2014: $455,835
The Washington Post listed Sunset Hills among "the shortest commute" category of Virginia neighborhoods, with an average commute time of just over 21 minutes. And Dulles International Airport is about six miles away.
Year-over-year gain: 44.5%
Median sale price, Jan. 2013: $247,735
Median sale price, Jan. 2014: $357,900
This once-seedy area has become hot in recent years. It's packed with art galleries and chic retail shops, as well as new upscale bars and restaurants next to venerable family-owned cafeterias.
Year-over-year gain: 46.9%
Median sale price, Jan. 2013: $284,750
Median sale price, Jan. 2014: $418,250
Brighton, once the center of New England's cattle trade, is in the northwest corner of Boston, on the Charles River. The Brighton Branch Library is Boston's first renovated LEED Green Building. The Brighton Police station is shown here.
Year-over-year gain: 47.5%
Median sale price, Jan. 2013: $223,175
Median sale price, Jan. 2014: $329,100
South Loop joins a number of other once-blighted neighborhoods on this list that have been redeveloped and are now hot. The site of former rail yards, it was known for many years more for its vices (as in brothels, burlesques) than its residential virtues.
Year-over-year gain: 48.7%
Median sale price, Jan. 2013: $241,000
Median sale price, Jan. 2014: $358,450
Also: Fairgrounds, San Jose (41.4%); La Jolla, San Diego (40%); Woodland Hills, Los Angeles (37.5%); Southwest Anaheim, Anaheim (35.2%); Berryessa, San Jose (34.4%).
Newhall, the southernmost and oldest district of Santa Clarita, was the first permanent Anglo settlement in the valley. Ranches-turned-film studios dot the area, including the Melody Ranch, which was once owned by Gene Autry. The ranch hosts the annual Santa Clarita Cowboy Festival.
Year-over-year gain: 48.8%
Median sale price, Jan. 2013: $504,250
Median sale price, Jan. 2014: $750,275
This is the most affluent neighborhood in Charlotte; the median income is $79,737, according to Zillow. That compares with a median of $46,975 for Charlotte. A high point of the area is the Duke Mansion, built in 1915 by tobacco magnate James Buchanan Duke.
Year-over-year gain: 57.4%
Median sale price, Jan. 2013: $167,450
Median sale price, Jan. 2014: $263,615
People who live here, according to classifications Zillow uses to characterize residents, are likely to be: Corporate Climbers, Multi-lingual Urbanites or in a category called "Bright Lights, Big City," which Zillow uses to describe "singles ranging in age from the early 20s to mid-40s who have moved to an urban setting."
Year-over-year gain: 97.3%
Median sale price, Jan. 2013: $668,250
Median sale price, Jan. 2014: $1,318,301
New York City’s 92-acre planned community includes areas built on more than 3 million cubic yards of soil and rock, some of which was excavated during the construction of the World Trade Center.
Bloomberg ranked neighborhoods in U.S. cities based on the year-over-year increase in median home sale prices from January 2013 to January 2014. Percentage increases were based on Zillow calculations of median sale prices of all home types and calculated only for neighborhoods with at least 10 sales per month. Only neighborhoods with median home sale prices of at least $250,000 in January 2014 were included. Data were rounded.