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.
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