The value of single-family homes increased 12.3 percent from May 2013 levels -- the fifth-highest increase among 20 metro areas included in the survey.
While that marked the 23rd month of year-over-year increases, it also was the smallest annual gain in almost 1 1/2 years. Prices jumped as much as 22 percent during last year’s now-cooling market frenzy.
Rising competition among a growing number of home sellers and falling investor demand contributed to a leveling off of home prices, local observers say.
Nationally, prices increased 9.3 percent in the 20-city composite, with appreciation decelerating in 18 of the 20 metro areas, the report said.
“Home price gains have been tapping the brakes,” Quicken Loans Vice President Bill Banfield said in a media statement.
Case-Shiller’s report -- based on comparisons of recent prices to previous sales for individual homes -- shows further that:
L.A.-O.C. house prices now are up 39 percent from the bottom reached in February 2012.
But local prices remain 19 percent below the peak hit in September 2006.
Written by,
Jeff Collins
