A two-year growth streak in national home prices stalled in the second quarter, according to data released Tuesday by Fitch Ratings.
Home prices flattened between the first and second quarters of the year, dipping by less than 1%, according to the company's quarterly index. The slowdown comes on the heels of a 20% price increase in the 10 preceding quarters.
"The cooling of the U.S. market comes as no surprise after several years of unsustainable growth rates, said Sean Nelson, a director at Fitch, in a press release Tuesday. "It's also worth noting that nearly all major cities are experiencing the same home price flattening at the same time."
Despite the nationwide slowdown, several large markets in California and Texas remain "overvalued," Nelson added.
