U.S. home prices increased slower than expected in April and yearly price growth dropped to its lowest level in the last year, according to data released Tuesday.
Home prices in the U.S. increased by 10.8 percent, as spring selling season got underway in the housing market, according to the S&P/Case-Shiller's price index. The index, which tracks housing prices in 20 major cities, suggests price grew slower than the 12.4 percent it had averaged in the last twelve months and the recent high of 13.7 percent in November.
"It's a movement toward a more normal market,"
As buying power remains low and wage growth remains stagnant, sellers are limited in the prices they can ask for homes as buyers find it difficult to qualify for financing. Housing inventory was limited in the past year resulting in higher prices, but a tough winter and rising inventories dampened prices.
According to the
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