Markets & Economy

Pace of home price gains cooled in April

Slowdown in price appreciation is 'good news for bubblephobes'

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Home prices continued to rise in April, but at a slower annual pace than in March, according to the latest S&P/Case-Shiller Home Price Indices. The Case-Shiller 20-City Composite showed prices rising 1.1 percent from March to April, and 10.8 percent from a year ago, with 19 of 20 cities seeing their annual gains slow in April compared to March. “Although home prices rose in April, the annual gains weakened,” says David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, in a statement. “Overall, prices are rising month to month but at a slower rate." Sunbelt cities registered year-over-year increases close to 30 percent last year, but now Las Vegas (18.8 percent), Los Angeles (14 percent), Phoenix (9.8 percent), San Diego (15.3 percent) and San Francisco (18.2 percent) are all showing annual gains below 20 percent, he noted. Monthly appreciation remained strong, despite the cooling in annual increases, Blitzer said. Five cities -- Atlan...