Los Angeles-area home prices in May posted their smallest gain in more than a year, mirroring a slowdown nationally, a closely watched report said.

The Standard & Poor’s/Case-Shiller index of home prices, released Tuesday, said prices across L.A. and Orange counties climbed 12.3% compared with a year earlier. That’s the smallest increase since January 2013.

The housing market began to slow last summer amid higher prices and mortgage rates, and many buyers decided to put their home search on hold just as more homes have come up for sale, helping to temper price appreciation.

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