Case-Shiller: Home prices rose 3% year-to-year in Feb.

WASHINGTON (AP) – April 30, 2019 – U.S. home prices increased at a slower pace in February, a sign that several years of outsized gains in home values have created affordability challenges in many metro areas.

The S&P CoreLogic Case-Shiller 20-city home price index rose 3 percent from a year earlier, down from an annual gain of 3.5 percent in January.

After the damage from the 2008 financial crisis began to fade, home values started to climb in 2012 and consistently outstripped wage growth. This made it more difficult for would-be buyers to save for a down payment and existing home owners to upgrade to a more expensive property.

Price increases were strongest in the Sunbelt. Last Vegas reported a 9.7 percent price increase, followed by Phoenix at 6.7 percent and Tampa with a 5.4 percent.

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