CoreLogic: US home prices rose more slowly in May

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Associated Press

Posted on July 1, 2014 at 7:04 AM

Updated Tuesday, Jul 1 at 8:02 AM

WASHINGTON (AP) — U.S. home prices rose in May compared with a year earlier, but the gains have slowed.

Data provider CoreLogic says prices increased 8.8 percent in May compared with 12 months earlier. The pace of gains has slowed as more homes have come onto the market, according to CoreLogic.

On a month-to-month basis, prices rose 1.2 percent from April to May. But CoreLogic's monthly figures aren't adjusted for seasonal patterns, such as warmer weather, which can affect sales.

Prices increased the most in Western states, including Hawaii, California and Nevada.

Home sales began to stall in the middle of last year after double-digit price increases and higher mortgage rates made real estate less affordable for many people.

But sales rose last month as price gains have moderated and mortgage rates have dipped.

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