WASHINGTON – U.S. home prices rose in June by the smallest year-over-year amount in 20 months, slowed by modest sales and more properties coming on the market.
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Data provider CoreLogic says prices rose 7.5 percent in June compared with 12 months earlier. That's a solid gain but less than the 8.3 percent year-over-year increase in May and a recent year-to-year peak of 11.9 percent in February.
On a month-to-month basis, June prices rose just 1 percent, down from 1.4 percent in May. But CoreLogic's monthly figures aren't adjusted for seasonal patterns, such as warmer spring weather.
The slowing price gains should make buying a house more affordable. Prices had risen sharply last year, along with mortgage rates. Many would-be buyers, particularly younger ones, were priced out of the market as a result.