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Home prices rise agai

Home prices rose in June for the 16th consecutive month nationwide but at a slower pace than in recent months. Market researcher CoreLogic says June home sales prices were up 11.9% year-over-year and up 1.9% from May. But that's a slower month-to-month rise than 2.6% in May from April and the almost 2.8% increase in April from March, revised figures show. The slowdown in asking prices in July could be the "start of the return to normal price gains," says Jed Kolko, Trulia economist. Kolko says rising mortgage interest rates, expanding inventory and declining investor interest in home purchases are contributing to a slowdown in price gains. Higher rates make homes less affordable. In June, Los Angeles-area home prices were up almost 21% year-over-year, CoreLogic says. Phoenix posted a 17% annual gain. Trulia's data show the asking price slow down to be most apparent in the West, where prices have rebounded most strongly. Asking prices are a leading indicator of price trends and will get reflected in sales price indexes this fall.

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