US home prices rise at slowest pace in 13 months

WASHINGTON (AP) -- U.S. home prices rose in April from a year ago at the slowest pace in 13 months, reflecting a recent drop-off in sales.<br /> <br /> The Standard & Poor's/Case-Shiller 20-city home price index rose 10.8 percent in April from 12 months earlier. That's a healthy gain, but down from 12.4 percent in the previous month and the smallest since March 2013.<br /> <br /> Annual price gains slowed in 19 of the 20 cities. Only Boston saw price increases accelerate.<br /> <br /> Home sales have slowed since last summer as higher mortgage rates, rising prices and a limited supply of available homes have priced many would-be buyers out of the market. Sales of existing homes in May were 5 percent lower than 12 months earlier.

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