Housing prices cooling slightly

Kathleen Pender
Updated 5:49 pm, Wednesday, June 25, 2014

Although it might not seem like it in San Francisco, the overheated housing market seems to be cooling off.

It’s not that home prices are falling, they are just rising at a slower pace.

This week S&P/Case-Shiller reported that its 20-city home price index rose “only” 10.8 percent in April compared with April of last year. That was a smaller increase than the 11.6 percent analysts were expecting, and substantially lower than in previous months. All 20 metro areas except Boston saw smaller year-over-year price increases.

The rate of appreciation has been declining every month since November, when prices rose 13.7 percent over the previous year. In March, the increase was 12.5 percent.

Prices “are coasting back into a more normal situation,” said David Blitzer, a managing director with S&P.

The same pattern holds in the San Francisco metro area, which also includes Alameda, Contra Costa, Marin and San Mateo counties.

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