Home prices were up by 0.34% for the month, increasing the annual home price growth rate to 3.9%, according to the Black Knight Home Price Index. Over those 16 months, annual home price growth rate had fallen from a peak of 6.75% in February 2018 to 3.7% as of June.

Remember, the slowdown didn’t equate to falling home prices at the national level as July marked the 87th consecutive month of annual home price growth. July’s HPI shows year-over-year home price growth in all 50 states as well as 99 of the 100 largest U.S. housing markets

San Jose (the most expensive market in the country) was the lone exception as home prices there were down 6.4% year-over-year.