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Is Housing Recovery in US Slowing Now?

S&P Dow Jones Indices today released S&P/Case-Shiller Home Prices Indices, which is the leading measure of U.S. home prices showing that the National home prices closed the year 2013 up 11.3%. Last quarter’s annual rate was 11.2%. According to the Indices, gains are slowing from month to month and the strongest part of the recovery in home values may be over. Year over year values for two monthly composites weakened and quarterly National Index barely improved. Recent home sales data also suggested a bleaker picture for housing. Although cold weather reflected the weakness, higher home prices and mortgage rates are the main concern over the affordability.

 Average home prices across the United States are back to their levels posted in the spring of 2004.