Posted: May 6, 2014 7:05 AM by Hunter Robinson
Source: Associated Press
WASHINGTON, D.C. - U.S. home prices rose at a slightly slower pace in the 12 months that ended in March, a sign that weak sales have begun to restrain the housing market's sharp price gains.
Data provider CoreLogic says prices rose 11.1 percent in March compared with March 2013. Though a sizable increase, that was down a bit from February's 12.2 percent year-over-year increase.
On a month-to-month basis, prices in March rose 1.4 percent from February. But CoreLogic's month-to-month figures aren't adjusted for seasonal patterns, such as warmer spring weather.
Home sales and construction have faltered since last fall, slowing the economy. A harsh winter, higher buying costs and a limited supply of available homes have discouraged many potential buyers. Existing-home sales in March reached their lowest level in 20 months.