LONDON (ShareCast) - (Sharecast News) - The cost of a house in the US rose a tad less quickly than expected in May.
According to the Federal Housing Finance Agency, home prices in the US increased at a month-on-month pace of 1.4%, such that the annual rate of growth slipped from an initially reported 18.8% in April to 18.3%.

"House prices continued to rise in May, but at a slower pace," said Will Doerner, Ph.D., Supervisory Economist in FHFA's Division of Research and Statistics.

"Since peaking in February, price appreciation has moderated slightly. Price growth continues to remain above historical levels, supported by the low inventory of properties for sale."

House prices rose by the least in the Pacific census division, rising by 0.2% on the month, and by the most in New England with a gain of 2.0%.

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