The S&P Case/Shiller index of home prices in 20 major U.S. cities released Tuesday showed prices rose 4.5% in 2014. That compares with a 13.4% increase in 2013.
On a month-to-month basis, home prices nationwide edged lower in December from November, extending a slowdown that's been going on for months.
"The housing recovery is faltering," said David M. Blitzer, director of indexes at S&P Dow Jones. "While prices and sales of existing homes are close to normal, construction and new home sales remain weak."
Blitzer added that new homes are being built at a rate of 1 million homes per year, a level normally seen during a recession.
The weakness in home prices comes despite declining unemployment, low interest rates for home buyers and rising levels of consumer confidence.
Prices were still rising sharply in some hot markets. The West Coast, along with Atlanta and Miami, had gains in excess of 5% last year. Prices in the Midwest and Northeast were weak.
CNNMoney (New York) February 24, 2015: 9:01 AM ET
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