Home prices fell 0.3% in August from July, the first monthly decline in four months, the Federal Housing Finance Agency said Thursday.

For the 12 months ended in August, prices dropped 3.6%, the regulator said.

The agency's index is 10.7% below its April 2007 peak.

On a monthly basis, prices rose 0.3% in July, the agency said. The last time prices went down was in April, by 0.5%, the agency said.

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