CoreLogic: US home prices rose more slowly in May

Published on NewsOK Modified: July 1, 2014 at 7:27 am •  Published: July 1, 2014
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WASHINGTON (AP) — U.S. home prices rose in May compared with a year earlier, but the gains have slowed.

Data provider CoreLogic said Tuesday that prices increased 8.8 percent in May compared with 12 months earlier. The pace of gains has slowed as more homes have come onto the market, according to CoreLogic.

On a month-to-month basis, prices rose 1.2 percent from April to May. But CoreLogic's monthly figures aren't adjusted for seasonal patterns, such as warmer weather, which can affect sales.

Prices increased the most in Western states, including Hawaii, California and Nevada.

Home sales began to stall in the middle of last year after double-digit price increases and higher mortgage rates made real estate less affordable for many people.

But sales rose last month as price gains have moderated and mortgage rates have dipped.

Sales of existing homes climbed 4.9 percent in May to a seasonally adjusted annual rate of 4.89 million homes, according to the National Association of Realtors.

However, sales are down 5 percent year-over-year.

The Realtors forecast that sales of existing homes will decline 2.8 percent this year to 4.95 million, compared with 5.1 million in 2013.

Sluggish sales, in turn, will slow annual price gains this year to roughly 5 percent or 6 percent, economists predict.



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