House prices in July came in at just 0.1% up from the June printing, well below analyst expectation of 0.5% and continuing the slowdown in the second half of 2014, according to the Federal Housing Finance Agency monthly House Price Index.

The previously reported 0.4% increase in June was revised to reflect a 0.3% increase.

On Monday tech and housing stocks took a beating after the National Association of Realtors reported declining existing home sales in August, among other factors, so this July price report could play out on the boards today.

The House Price Index is derived from transactions involving conforming conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac.  

From July 2013 to July 2014, house prices were up 4.4%. The U.S. index is 6.4% below its April 2007 peak and is roughly the same as the July 2005 index level. This is the eighth consecutive of monthly house price increases.

For the nine census divisions, seasonally adjusted monthly price changes from June 2014 to July 2014 ranged from -0.5% in the Middle Atlantic division to +0.4% in the East North Central division. The 12-month changes were all positive ranging from +1.6% in the Middle Atlantic division to +7.2% in the Pacific division.