Sunday November 29th, 2015 6:07PM

US home prices rose more slowly in May

By The Associated Press
WASHINGTON (AP) -- U.S. home prices rose in May compared with a year earlier, but the gains have slowed.<br /> <br /> Data provider CoreLogic said Tuesday that 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.<br /> <br /> 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.<br /> <br /> Prices increased the most in Western states, including Hawaii, California and Nevada.<br /> <br /> 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.<br /> <br /> But sales rose last month as price gains have moderated and mortgage rates have dipped.<br /> <br /> Sales of existing homes climbed 4.9 percent in May to a seasonally adjusted annual rate of 4.89 million homes, according to the National Association of Realtors.<br /> <br /> However, sales are down 5 percent year-over-year.<br /> <br /> The Realtors forecast that sales of existing homes will decline 2.8 percent this year to 4.95 million, compared with 5.1 million in 2013.<br /> <br /> Sluggish sales, in turn, will slow annual price gains this year to roughly 5 percent or 6 percent, economists predict.<br /> <br /> Prices rose in the 12 months ending in May in every state, CoreLogic said. The states with the biggest price gains were Hawaii, 13.2 percent; California, 13.1 percent; Nevada, 12.6 percent; Michigan, 11.8 percent; New York, 11 percent; Georgia, 10.3 percent; and Oregon, 10.1 percent.<br /> <br /> Ninety-four of the 100 largest metro areas reported higher prices in May compared with a year earlier.<br /> <br /> The six that did not record an increase were: Worcester, Massachusetts; Hartford, Connecticut; New Haven, Connecticut; Little Rock, Arkansas; Rochester, New York; and Winston-Salem, North Carolina.<br /> <br /> Average prices have risen nationwide for the past 27 months. Still, homes nationwide are 13.5 percent below their peak values in April 2006.<br /> <br /> Ten states have exceeded their previous peaks, including Alaska, Louisiana, Oklahoma, Nebraska, Iowa, South Dakota, North Dakota, Colorado, Texas and New York.
© Copyright 2015
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Judge denies motions to move, delay Tsarnaev trial
Lawyers for Boston Marathon bombing suspect Dzhokhar Tsarnaev asked a federal appeals court Wednesday to overturn a judge's decision to not move his upcoming trial out of state.
10:02PM ( 10 months ago )
High court to adopt electronic filing of cases
The Supreme Court is belatedly developing an electronic filing system similar to those used in courts around the country, Chief Justice John Roberts said Wednesday in his annual end-of-year report.
7:57PM ( 10 months ago )
Storm brings snow, cold to West for New Year's
A blustery winter storm dumped snow and ice across the West on Wednesday, making driving treacherous in the mountains from California to the Rockies and forcing residents and party-goers in some usually sun-soaked cities to bundle up for a frosty New Year's.
5:19PM ( 10 months ago )
U.S. News
State DOT awards $48M contract for NE Ga. road project
The state Department of Transportation has awarded a $47.8 million contract for nine miles of work on a northeast Georgia road.
9:37AM ( 10 months ago )
Business News
Grass fire impacts rush hour traffic on 985
Rush hour traffic on I-985 was slowed by a grass fire Wednesay afternoon with one lane closed while firefighters fought the blaze.
10:19PM ( 10 months ago )
Hall County conviction, sentencing to be reviewed by SCOGA
The State Supreme Court has agreed to hear the appeal of a Hall County man when they reconvene in January.
2:37PM ( 10 months ago )
Maysville man dies from Banks County wreck
The Georgia State Patrol reports that alcohol and/or drugs were factors a single-vehicle wreck that claimed the life of a Maysville man in Banks County Tuesday night.
11:07AM ( 10 months ago )
Local/State News
Georgia's Richt stepping down following 'mutual' decision
Mark Richt stepped down as Georgia's coach on Sunday in what was called a "mutual" decision but looked like a firing...
By The Associated Press
4:14PM ( 1 hour ago )
Falcons' slump deepens in 20-10 loss to Vikings
Adrian Peterson ran for 158 yards and a pair of touchdowns, Matt Ryan threw two more interceptions, and the Minnesota Vikings beat the slumping Atlanta Falcons 20-10 on Sunday.
4:13PM ( 1 hour ago )
Newspaper investigation: Campaign reports full of errors
Campaign finance reports filed by state and local officials in Georgia are often riddled with mistakes and discrepancies, with some leaving tens of thousands of dollars in campaign cash apparently unaccounted for, an Atlanta newspaper investigation shows.
By The Associated Press
3:21PM ( 2 hours ago )
Hall Co Fire Services hosting bicycle helmet fitting and giveaway event
Hall County Fire Services will be sponsoring a free bike helmet giveaway on Monday.
By Russell Brown
11:54AM ( 6 hours ago )
32,000 acres selected for 2015-2016 prescribed burn season in North Ga.
Fire managers with the Chattahoochee-Oconee National Forest have begun the first of several prescribed burns as part of the U.S Department of Agriculture's (USDA) "2015-2016 prescribed fire season."
7:34AM ( 10 hours ago )