While home prices are still trending higher, the pace of appreciation is finally starting to slow down, according to the latest report from CoreLogic.
Home prices nationwide, including distressed sales, increased by 10.5% in April 2014 compared to April 2013.
This marks 26 months of consecutive year-over-year increases in home prices nationally.
Month-over-month, prices edged up by 2.1% in April compared to March.
"The weakness in home sales that began a few months ago is clearly signaling a slowdown in price appreciation," said Sam Khater, deputy chief economist for CoreLogic. "The 10.5% increase in April, compared to a year earlier, was the slowest rate of appreciation in 14 months."
Excluding distressed sales, home prices escalated by 8.3% in April 2014 compared to April 2013 and 1.1% month over month compared to March 2014.
Looking ahead, the CoreLogic HPI forecasts that home prices, including distressed sales, will increase 1% month over month from April to May and by 6.3% from April 2014 to April 2015.
"Home prices are continuing to rise as we head into the summer months," said Anand Nallathambi, president and CEO of CoreLogic. "The purchase market continues to suffer from a dearth of inventory which we expect will continue to drive prices up over the year."
