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Home prices in U.S. rise at slowest pace in almost two years

Home prices in 20 U.S. cities rose in the year ended in July at the slowest pace in almost two years as still-tight credit and limited wage gains weigh on demand.

By Michelle Jamrisko, Bloomberg | Updated on September 30, 2014
(Bloomberg) — Home prices in 20 U.S. cities rose in the year ended in July at the slowest pace in almost two years as still-tight credit and limited wage gains weigh on demand.

The S&P/Case-Shiller index of property values increased 6.7 percent from July 2013, the smallest 12-month gain since November 2012, a report from the group showed today in New York. Nationally, prices rose 5.6 percent after a 6.3 percent gain in the year ended June.

Property values have shown more subdued appreciation as investors step back from the market and first-time buyers remain a historically smaller share. Easing price increases and strides in the labor market may help more Americans consider homeownership even as wage growth has shown little acceleration.

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