U.S. home prices rose 0.3 percent on a seasonally-adjusted basis from June to July, according to the Federal Housing Finance Agency’s monthly House Price Index. The previously reported 0.5 percent increase in June was revised downward to a 0.1 percent increase. For the 12 months ending in July, U.S. prices fell 4.2 percent.

The U.S. index is 10.5 percent below its April 2007 peak. The FHFA monthly index is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. Prices rose in five of nine regions, led by a 1.6 percent gain in the Pacific states, where prices have fallen 9 percent in the past year. The biggest monthly drop was 0.9 percent in the East South Central states (Kentucky, Tennessee, Mississippi and Alabama).

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