Home prices continued to cool off in June, according to new figures out Tuesday.
The Case-Shiller index reported that home prices grew just 6.2% in June compared with a year earlier. All 20 cities the index tracks saw price gains slow down in the month, the first time that's happened since February 2008.
In Los Angeles, prices grew 10.5% year over year, Case-Shiller said. That's a relatively strong gain, but far slower than the pace seen a year ago. From May to June, prices here climbed 0.6%, barely half as fast as they did from April to May. Nationally, prices grew 0.9% in June compared with May.
This trend of slowing but not falling prices, taken with other measures of the market, is probably a healthy thing, analysts say.
"Home price gains continue to ease as they have since last fall," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices. "Other housing indicators -- starts, existing home sales and builders' sentiment -- are positive. Taken together, these point to a more normal housing sector."
The slowdown could continue in the coming months, especially if the Federal Reserve raises interest rates early next year, Blitzer predicted.