U.S home prices rose at a slower pace in May, a sign that many would-be buyers are finding properties unaffordable.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.4% annual gain in May, down from 3.5% in the previous month. The 10-City Composite annual increase came in at 2.2%, down from 2.3% in the previous month. The 20-City Composite posted a 2.4% year-over-year gain, down from 2.5% in the previous month.
There were signs in a National Association of Realtors report on existing homes that prices may get some support from lower mortgage rates.
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