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US monthly home price growth slows in March

Home prices in the U.S. increased at a slower rate in March compared to February, according to the Federal Housing Finance Agency.

Prices edged up 0.1% on a seasonally adjusted monthly basis in March, the latest FHFA House Price Index showed. The February increase was revised up to 0.8% from 0.6%.

"Home prices continue to rise across the U.S. but there are signs of tapering," FHFA senior economist William Doerner said.

"Since housing markets began to rebound in 2012, house price appreciation has been positive because demand has outpaced supply," he added. "In the last month, however, some regions reflect a slowing or even flattening of house price growth."

Only four of the nine census divisions recorded higher housing prices in March, led by the Middle Atlantic division, where prices rose 1.2%.

New England led four other divisions that logged a decrease in prices with a 1.0% decline. Prices were unchanged in the East North Central division.

Over the last-12-months, house prices climbed 6.7%, with all nine divisions recording increases.

In the first quarter, house prices rose 1.7%, according to the FHFA. Prices increased 6.9% from the year-ago quarter.

The FHFA house price index is calculated using home sales price data from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.