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Home Price Gains of 20% Vanish as Hottest Markets Cool

Home sellers are lowering their expectations as buyer demand cools.

None of the 100 largest U.S. metropolitan areas had increases of more than 20 percent in residential asking prices last month -- the first time in almost two years that’s happened, San Francisco-based Trulia Inc. said in a report today. That compares with seven metro areas, including Las Vegas, Phoenix and California’s Silicon Valley, that had such year-over-year gains in May 2013.