Home-price appreciation is slowing, a trend that could be good for potential buyers looking for an opportunity to jump into the market, but bad for homeowners still looking for relief for underwater mortgages.

Home prices grew 4.4% during the second quarter when compared with a year earlier, the slowest annual pace since 2012, according to a report released Tuesday by the National Association of Realtors.

The association found that median existing single-family-home prices grew year-over-year in 122 out of 173 metropolitan areas it tracked, while prices declined in 47 metro areas. Only 19 areas showed double-digit year-over-year price increases, a significant drop from the 37 cities that showed such increases in the first quarter.

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