Home prices continued to rise in July but still trailed inflation

US home price growth accelerated in July, helped by strong appreciation in many East Coast cities.

The S&P Cotality Case-Shiller 20-City Composite Home Price Index, which measures home prices in 20 of the nation's largest metropolitan areas, rose 2.47% year-over-year in July, up from 2.1% in June.

The national index, which measures home prices in additional areas, rose 1.93%.

But July was the 14th straight month in which home prices climbed less than the rate of inflation. Although home prices showed healthy growth, overall inflation accelerated 3.4% in July .

"Slightly lower inflation and stronger nominal home price appreciation helped narrow the gap," said Rebecca Kaufman, associate director of commodities at S&P Dow Jones Indices.

Chicago took the top spot for price gains for the fifth straight month, with a 6.9% year-over-year price jump. New York and Cleveland followed, at 5.8% and 4.2%, respectively.

Seattle saw the steepest decline, with a 1.6% drop in prices. Home prices also fell in Las Vegas and Denver.

Claire Boston is a Senior Reporter for Yahoo Finance covering housing, mortgages, and home insurance.