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US home price gains slow in April amid tepid sales

Published on NewsOK Modified: June 3, 2014 at 8:03 am •  Published: June 3, 2014
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WASHINGTON (AP) — U.S. home prices rose in April compared with a year earlier, but the increase was the smallest annual gain in 14 months. Price gains have slowed this year as sales have faltered.

Data provider CoreLogic said Tuesday that prices rose 10.5 percent in April from 12 months earlier. That is a healthy gain, but it is down from March's 11.1 percent increase and February's 12.2 percent rise.

On a month-to-month basis, April prices rose 2.1 percent. But CoreLogic's monthly figures aren't adjusted for seasonal patterns, such as warmer spring weather.

Higher mortgage rates, tight credit and a limited supply of available homes have slowed the housing recovery. Sales of existing homes ticked up in April after falling to a 20-month low in March. They were still 6.8 percent lower than a year ago.

Prices rose in the 12 months ending in April in every state, CoreLogic said. The states with the biggest price gains were California, 15.6 percent; Nevada, 14.8 percent; Hawaii, 14.1 percent; Oregon, 11.8 percent; and Michigan, 11.3 percent.

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