U.S. home prices in major metros 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 and rising prices and have made it harder for would-be buyers to afford a home. Sales of existing homes in May were 5 percent lower than 12 months earlier.
Prices rose 1.1 percent in April compared with March, though that gain likely reflected seasonal patterns. Home prices typically rise during the spring buying season.
Case-Shiller measures no New Mexico cities but a separate measure showed that the state and Albuquerque metro have seen modest gains in prices.
A CoreLogic report this month said that single-family homes in Albuquerque saw a year-over-year price increase of 2.4 percent in the metro, placing it among the 95 metros with increases out of the 100 largest metros in the country.
Home prices increased on average by 0.9 percent in New Mexico in April compared with a year earlier, while nationwide the year-over-year increase was 10.5 percent. New Mexico had the second-slowest rate of home-price appreciation in the country during April, behind only Arkansas.
CoreLogic said average home prices nationwide have increased for 26 consecutive months, compared with just four straight months in Albuquerque, but the size of the monthly increases is beginning to taper.
April’s average home price in New Mexico was 19.2 percent below the peak price set in May 2007, CoreLogic reported. The neighboring states of Colorado, Oklahoma and Texas are among the eight states where prices surpassed previous peaks in April.
The average home price nationwide was 14.3 percent below the 2006 peak in April.
Original article by: Journal and Wire Reports