By Will Parker
The growth of U.S. home prices continued to slow in April in another sign of a weaker-than-expected selling season.
Average home prices in major metropolitan areas rose 3.5% in the year ended in April, decelerating from 3.7% the prior month and 3.9% in February, according to the S&P CoreLogic Case-Shiller National Home Price Index.
"Home price gains continued in a trend of broad-based moderation," said Philip Murphy, managing director of S&P Dow Jones Indices, who cited decreased demand in light of upward trending housing supply.
Though the pace of home prices growth has been slowing for a year now, average prices still continue to increase in most major U.S. cities and to outpace inflation, with the exception of Seattle, where prices were flat in April, according to the report.
(END) Dow Jones Newswires
June 25, 2019 09:37 ET (13:37 GMT)
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