US home price gains fall to lowest in more than 6 years

WASHINGTON — U.S. home prices rose at their slowest pace in more than six years in January, as higher mortgage rates weighed on sales.

The S&P CoreLogic Case-Shiller 20-city home price index increased 3.6 percent in January from a year earlier, down from 4.1 percent in the previous month.

The slowdown in price appreciation has helped make homes more affordable. Mortgage rates have also fallen since January. Cheaper homes and lower rates are starting to reverse last year's sales slump. Sales of existing homes soared in February, though they remain slightly below where they were a year ago.

Some red-hot markets have cooled off. Home prices in Seattle rose just 4.1 percent in January from a year ago, down from a 12.8 percent gain in January 2018.

Must Read

Japan's economy slows to snail's pace as exports falter

Aug 15, 2016

Japan's economy slows in the April-June quarter, as weaker exports and business investment weigh on the faltering recovery of the world's third-largest economy

US stocks dip as phone stocks fall; earnings hit retailers

Aug 17, 2016

US stocks fall, with the biggest losses again going to phone and utility companies

Fed minutes: Conditions could 'soon warrant' a rate hike

Aug 17, 2016

Fed minutes: Conditions could 'soon warrant' rate hike, as near-term risks have diminished

Search

Obserworld delivers the most accurate and up-to-date world news for the global audience with a thorough research and in-depth interviews. Discover the world through Obserworld.

Contact us: sales[at]obserworld.com