Home price appreciation continued during June but was relatively unchanged from April and May levels, according to the S&P CoreLogic Case-Shiller Indices released Tuesday morning.

The national index, covering all nine census divisions, posted a 5.1% annual gain in June, with concentrated growth in the South and West. The 20-City Composite and 10-City Composite posted a increase year-over-year of 5.1% and 4.3%, respectively, a lower pace of growth than that seen a month prior. Not seasonally adjusted, all three portions of the index edged up marginally month-over-month. After seasonal adjustment, the National Composite increased by a scant 0.2% month-over-month, while 10-City Composite and 20-city Composite gained 0.2% and 0.1%, respectively. The growth seen month-over-month after seasonal adjustment marked flat results from May to June.

Among the cities in the 20-City Composite (after seasonal adjustment), nine cities experienced home price gains between May and June, compared to 12 in May and 15 in April. Year-over-year, six cities reported greater annual price gains for the 12 months ending in June 2016 versus May 2016.

"Overall, residential real estate and housing is in good shape," said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices, in a statement. "Sales of existing homes are at running at about 5.5 million units annually with inventory levels under five months, indicating a fairly tight market. Sales of new single family homes were at a 654,000 seasonally adjusted annual rate in July, the highest rate since November 2007.”

Although June's results were positive, slowing growth in home prices may loom, despite consumer demand for homes. "While the real estate sector and consumer spending are contributing to economic growth, business capital spending continues to show weakness.”

"Home prices continued to rise across the country [in June], led by the west and the south. In the strongest region, the Pacific Northwest, prices are rising at more than 10%; in the slower Northeast, prices are climbing a bit faster than inflation. Nationally, home prices have risen at a consistent 4.8% annual pace over the last two years without showing any signs of slowing."

Among all census regions, the Pacific Northwest and the West continue to be the strongest markets. The Northeast and Upper Mid-West regions, however, were at the other end of the ranking. Portland, Seattle, and Oregon have posted the largest year-over-year gains for five consecutive months.

Largest year-over-year price gains in June:

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