Single-family home prices in the New York area rose 2% in the first quarter of 2015, according to new seasonally adjusted figures for the Case-Shiller Home Price Index. Prices are up 2.7% in New York over the previous 12 months.

In comparison, the 20-city national index rose 3.1% in the first quarter and 5% over the previous year. The national index has been increasing at a faster pace than New York for at least the past year, finally catching up with it.

Speaking of the national index, a representative of S&P Dow Jones Indices indicated that home prices have also increased faster than wages and anticipated a future moderation in home prices.