U.S. home price gains slowed for the 13th straight month in April, evidence that weaker demand is keeping prices in check even as mortgage rates fall.
The S&P CoreLogic Case-Shiller 20-city home price index rose 2.5% in April from a year earlier, down slightly from an annual gain of 2.6% in March. That's the smallest increase in nearly seven years.
Price increases have also cooled in several formerly hot markets, including Seattle, where prices were unchanged from a year ago. Home prices rose just 1.8% in San Francisco and 0.8% in San Diego. Most economists see the current pace of price increases as more consistent with longer-run trends. Historically, home values have risen about 1% a year, after inflation.
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