U.S. home prices in July increased at the slowest pace in 20 months, reflecting sluggish sales and a greater supply of houses for sale.
The Standard & Poor's/Case-Shiller 20-city home price index rose 6.7 per cent in July from 12 months earlier. That's down from an 8.1 per cent gain in June and the smallest increase since November 2012.
Nineteen of the 20 cities in the index reported lower annual gains than in June. And a new national index of home prices compiled by S&P rose just 5.6 per cent.
Lower price gains should make homes more affordable for would-be buyers. Sales of existing homes picked up over the summer but then dipped in August. Sales have fallen 5.3 per cent in the past year.
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