Slower sales led to dip in US home prices in Dec.

AP News
Posted: Feb 04, 2014 8:01 AM

WASHINGTON (AP) — U.S. home prices slipped from November to December, and the year-over-year increase slowed, likely a result of weaker sales at the end of last year.

Real estate data provider CoreLogic says prices dipped 0.1 percent in December. It was the third straight month-to-month drop. Home prices had risen for eight straight months through September.

For all of 2013, prices rose a healthy 11 percent. That was roughly equal to the 11.4 percent price increase for the 12 months that ended in November.

CoreLogic's price figures aren't adjusted for seasonal patterns, such as cold winter weather, which typically slows sales.

But sales fell last fall, even excluding the effects of cold weather, according to the National Association of Realtors. Higher mortgage rates have weighed on the housing market's recovery.