Business

US home prices rose at solid pace in January

WASHINGTON — US home prices rose in January after three months of declines. A tight supply of homes might have helped boost prices and offset sales slowed by cold weather.

Real estate data provider CoreLogic says prices rose 0.9 percent in January after dipping 0.1 percent in December. Over the past 12 months, home prices have risen 12 percent, the biggest year-over-year gain in more than eight years.

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Snowstorms and low temperatures contributed to a sharp drop in sales of existing homes in January. The National Association of Realtors said sales plunged to their lowest level in 18 months. Still, the number of homes for sale remained low, a factor that might have helped increase prices.

Home sales and construction have faltered over the winter, partly because the weather has likely discouraged many Americans from house-hunting.

Associated Press

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