April Home Prices Gain At Slower-Than-Expected 10.8%
Home prices gained at a slower-than-expected rate in April, according to the closely watched S&P/Case-Shiller Home Price Index.
The index, which includes 20 cities, gained 10.8 percent in April from a year earlier. That's down from 12.4 percent in March and the slowest rate since March 2013. Wall Street hoped for a gain of 11.4 percent for the recent period.
Nineteen of the 20 cities saw lower annual gains in April than in March.
Los Angeles, San Diego and San Francisco saw returns worsen by three percentage points. Boston was the only city to see its annual rate improve, according to Dave Guarino, Standard & Poor's director of global index communications.
S&P also said home prices rose an average of 0.2 percent in April, down from 1.2 percent in March.
Stocks of homebuilders were generally flat in pre-market trading, while stock futures were lower.
Sales of existing homes in May, as reported Monday by the National Association of Realtors, rose 4.9 percent to an annual rate of 4.89 million.
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