WASHINGTON (AP) – U.S. home prices rose in April from a year ago at the slowest pace in 13 months, reflecting a recent drop-off in sales.
The Standard & Poor’s/Case-Shiller 20-city home price index rose 10.8 percent in April from 12 months earlier. That’s a healthy gain, but down from 12.4 percent in the previous month and the smallest since March 2013.
Annual price gains slowed in 19 of the 20 cities. Only Boston saw price increases accelerate.
Home sales have slowed since last summer as higher mortgage rates, rising prices and a limited supply of available homes have priced many would-be buyers out of the market. Sales of existing homes in May were 5 percent lower than 12 months earlier.