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US home prices rise at slower pace in January

The rate of growth in U.S. home prices slowed to an annual rate of 6.2% in January from an unrevised 6.3% in December 2017, according to S&P CoreLogic Case-Shiller Indices.

The 10-city composite index remained unchanged at an annual gain of 6.0%, while the 20-city composite edged up 6.4% year over year from 6.3% the previous month.

Seattle remained the city with the largest gain in home prices, posting an annual gain of 12.9%. Las Vegas followed with 11.1% and San Francisco with 10.2%.

David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said low inventories and vacancy rates were supporting prices.

S&P Dow Jones Indices and S&P Global Market Intelligence are owned by S&P Global Inc.