NEW YORK (Reuters) -- Prices of American homes rose in the first quarter of this year at the slowest annual rate in 14 years, Freddie Mac, the second-largest U.S. home funding company, said Monday.
Home prices did not keep pace with the overall level of inflation during the quarter. As the housing market settles near the bottom of its cycle during the second half of this year, national home price growth will probably slow further, with price declines in many parts of the country, said Freddie Mac Vice President and chief economist Frank Nothaft."Existing home sales rose in the first quarter relative to the fourth quarter, on a seasonally adjusted basis, but were down more than 9 percent from a year ago and as a result home price growth decelerated further," he said in a statement.
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