WASHINGTON – U.S. home prices rose in September at the slowest pace in more than two years, reflecting modest sales gains and a rising number of available homes.
The Standard & Poor's/Case-Shiller 20-city home price index rose 4.9 percent in September from 12 months earlier. But that's down from 5.6 percent in August and the smallest gain since October 2012.
Home price gains have slowed this year after rapid, double-digit increases in the previous two years. Investors helped drive the strong gains by bidding up prices but have started to cut back on their purchases.
The Case-Shiller index covers roughly half of U.S. homes. The index measures prices compared with those in January 2000 and creates a three-month moving average. The September figures are the latest available.
