WASHINGTON – U.S. home prices rose in February from a year earlier at a solid pace, suggesting that a tight supply of homes for sale is boosting prices despite slowing sales.
Real estate data provider CoreLogic says prices for existing homes rose 12.2 per cent in February from a year ago. That was up slightly from January’s year-over-year pace of 12 per cent.
On a month-to-month basis, prices in February rose 0.8 per cent from January. But CoreLogic’s month-to-month prices aren’t adjusted for seasonal patterns, such as winter weather, which can depress sales.
Snowstorms, rising prices and higher mortgage rates combined to reduce home sales in February to their lowest level in 19 months. The number of available homes remains below the level typical of a healthy market.