Home prices rise at slower pace

The News-Times - - BUSINESS -

U.S. home prices rose at the slow­est pace in more than six years in March, a sign weaker sales are keep­ing a lid on price in­creases. The S&P CoreLogic CaseShille­r 20-city home price in­dex climbed 2.7 per­cent from a year ear­lier, down from an an­nual gain of 3 per­cent in Fe­bru­ary. Na­tion­wide, home price in­creases have run ahead of wage growth for five years, leav­ing many homes out of reach. That has slowed sales, forc­ing would-be sell­ers to rein in price in­creases. The 20-city price in­dex has fallen sharply from a year ago, when it in­creased 6.7 per­cent. Sales of ex­ist­ing homes slipped in April and are 4.4 per­cent lower than they were a year ear­lier. Even with the smaller in­crease in March, home prices are still ris­ing more quickly than in­fla­tion, which in­creased 2 per­cent in April from a year ago.

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