WASHINGTON — 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 20-city home price index increased 2.4 percent in May from a year earlier, according to a Tuesday report. Price growth decelerated slightly from the 2.5 percent year-over-year gain in April.
“Thwarted by climbing prices for years, buyers are no longer willing to pay any price,” said Matthew Speakman, an economist with real estate company Zillow.
The sluggish price growth stems largely from the most expensive markets, where years of price growth have undermined affordability. Home prices rose less than 2 percent in Los Angeles, New York, San Diego and San Francisco.
