ADVERTISEMENT

US home price gains slow in April amid tepid sales

  • Article by: CHRISTOPHER S. RUGABER
  • Associated Press
  • June 3, 2014 - 7:05 AM

WASHINGTON — 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 says prices rose 10.5 percent in April from 12 months earlier. That is a healthy gain, but it's down from March's 11.1 percent increase and February's 12.2 percent gain.

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.

© 2014 Star Tribune