Robust US home price gains cool slightly in April

By The Associated Press
Posted 9:02AM on Tuesday 27th June 2017 ( 3 years ago )

WASHINGTON (AP) — U.S. home prices rose at a healthy clip in April, though the increase slowed a bit from the previous two months.

The Standard & Poor's CoreLogic Case-Shiller 20-city home price index climbed 5.7 percent in April, after increases of 5.9 percent in March and February. Those gains were the highest in nearly three years.

Home prices are rising roughly twice as fast as average wages, a dynamic that may eventually stifle sales by thwarting would-be homeowners. Bidding wars among buyers competing for a limited supply of available homes are driving up costs. Low mortgage rates are also encouraging more Americans to buy homes.

Seattle, Portland and Dallas reported the largest year-over-year gains in April. Home prices jumped 12.9 percent in Seattle, 9.3 percent in Portland and 8.4 percent in Dallas.

This Wednesday, April 12, 2017, photo shows a residential building for sale, in Natick, Mass. On Tuesday, June 27, 2017, the Standard & Poor's CoreLogic Case-Shiller 20-city home price index is released. (AP Photo/Steven Senne)

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