U.S. house prices were flat in June following May's revised 0.4% pullback, the Office of Federal Housing Enterprise Oversight (OFHEO) reported Tuesday.
The consensus had been looking for a decline of 0.4% in the month.
Prior to revision, May's index had declined 0.3% on the month.
"Tighter credit conditions and relatively high inventory levels led to some sharp price declines in the second quarter," said OFHEO Director James B. Lockhart. "However, the majority of Metropolitan Statistical Areas (MSAs) posted positive four-quarter growth."
Leading the decline was a 1.7% fall in the Pacific region, followed by a 0.6% decline in the Middle Atlantic region and a 0.5% fall in the East North Central United States.
Prices in the West South Central region picked up 1.6%, while New England advanced 0.5% and the South Atlantic rose 0.4%. Prices in the Mountain region moved up 0.3%, followed by the West North Central, up 0.2%, and East South Central, up 0.1%.
OFHEO also saw a 1.4% pullback in the second quarter of 2008 despite forecasts for a 1.6% contraction in the second quarter. The first quarter's 1.7% decline was unrevised.
On an annual basis, house prices have fallen 4.8% - a new record low since the inception of the index in 1991.
By Erik Kevin Franco and edited by Sarah Sussman