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February Home Sales Slowed But Prices Rose

U.S. home prices rose in February from a year earlier at a solid pace, suggesting that a tight supply of homes for sale is boosting prices despite slowing sales.

 Construction workers continue to build new house
Construction workers continue to build new house (Matt Cardy/Getty Images)

Real estate data provider CoreLogic says prices for existing homes rose 12.2 percent in February from a year ago. That was up slightly from January’s year-over-year pace of 12 percent.

On a month-to-month basis, prices in February rose 0.8 percent from January. But CoreLogic’s month-to-month prices aren’t adjusted for seasonal patterns, such as winter weather, which can depress sales.

Snowstorms, rising prices and higher mortgage rates combined to reduce home sales in February to their lowest level in 19 months. The number of available homes remains below the level typical of a healthy market.

(Copyright 2014 The Associated Press. All Rights Reserved)

 

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