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Home-price gains in 20 U.S. cities decelerated in July for a 16th straight month, as values proved still too elevated for buyers despite low mortgage rates.
The S&P CoreLogic Case-Shiller index of property values increased 2% from a year earlier, the slowest since August 2012, according to data released Sept. 24. Nationally, home-price gains remained steady, rising at a 3.2% pace.
The latest data highlight how the market continues to struggle despite solid wage gains for Americans and cheaper borrowing costs. A shortage of affordable inventory and construction constraints have helped lift home prices despite demand that has been somewhat tepid as elevated prices deter some potential buyers.
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Price gains may accelerate in coming months amid signs that lower rates may be luring more buyers into the market. Existing home sales rose in August to the best pace in more than a year, while the median sales price saw the second-fastest gain in the past year.