Single-family home prices depreciated again in June, according to the latest data for the seasonally adjusted Case-Shiller Home Price Index, which was released last week. Prices in New York declined 0.1% from May, while the national 20-city composite index declined 0.2%. Since June of 2013 prices have increased by 4.3% in New York and 8.1% nationally, although year over year appreciation has been slowing down in recent months.

Non-seasonally adjusted data, however, revealed price increases from May to June of 1.6% in New York and 1% nationally, possibly as a result of the typical upswing in sales during the summer. The seasonally adjusted index, represented in the chart, corrects for seasonal variations in home prices throughout the year.

Annual appreciation rates declined between May and June in all twenty metropolitan areas covered by the index, confirming a nationwide deceleration in housing prices. It remains to be seen what this has in store for homeowners in different areas who have seen wildly different rates of appreciation since the housing market crashed.