WASHINGTON (AP) — U.S. home prices rose in April from a year earlier, lifted by bidding wars in many cities where would-be buyers compete for a sparse supply of homes.
The S&P CoreLogic Case-Shiller 20-city home price index moved up 6.6 percent from a year earlier, led by outsize gains in Seattle, Las Vegas and San Francisco. All three cities showed double-digit gains.
Prices rose even as home sales fell and mortgage rates rose. Sales of existing homes dropped in April and May and are now running 3 percent below their year-ago level. Fewer homes are available — the supply has fallen 6.1 percent in the past year — and they are selling quickly.
And mortgage rates reached a seven-year high of 4.77 percent in late May before declining this month.