WASHINGTON (AP) — U.S. home values rose at a measured pace in November, a sign that demand remains weak as many buyers have been priced out of the market.
Prices increased 5.5 percent in November compared with 12 months earlier, real estate provider CoreLogic said Tuesday. That was up slightly from October’s yearover year increase of 5.4 percent, which was revised downward from a previously reported 6.1 percent.
The housing market faces an affordability crunch. Many potential buyers were sidelined by double-digit home price gains in 2013, which eclipsed average wage growth of roughly 2 percent. That affordability gap caused sales to slide in 2014, restraining price growth in recent months.
CoreLogic projects that price growth will remain mild as the U.S. real estate market continues to recover from the lows reached after the Great Recession.
Comments are not available on this story. Read more about why we allow commenting on some stories and not on others.
We believe it's important to offer commenting on certain stories as a benefit to our readers. At its best, our comments sections can be a productive platform for readers to engage with our journalism, offer thoughts on coverage and issues, and drive conversation in a respectful, solutions-based way. It's a form of open discourse that can be useful to our community, public officials, journalists and others.
We do not enable comments on everything — exceptions include most crime stories, and coverage involving personal tragedy or sensitive issues that invite personal attacks instead of thoughtful discussion.
You can read more here about our commenting policy and terms of use. More information is also found on our FAQs.
Show less