August home prices dipped 0.1% from July on a seasonally adjusted basis and fell 4% from year-ago levels, according to the Federal Housing Finance Agency
The federal regulator and conservator of mortgage giants Fannie Mae
and Freddie Mac
said its home price index is now 19% below peak levels of April 2007 and at a level last seen in February 2004.
The August drop is the first monthly decline reported since March. Prices edged higher in the months heading into the summer season.
Home price changes in August from July ranged from a drop of 1.3% in the West-North Central division to an increase of 0.9% in the South Atlantic region, according to the FHFA.
Earlier Tuesday, the Standard & Poor's
/Case-Shiller index showed
August home prices inched higher 0.2% from the prior month.
Write to Kerri Panchuk