WASHINGTON, D.C. – U.S. home prices rose sharply in November, lifted by a shortage of homes on the market.
Standard & Poor's said its S&P CoreLogic Case-Shiller national home price index increased 6.2 percent year-over-year in November after climbing 6.1 percent in October.
The national housing index has registered annual gains of at least 5 percent for the last 16 months.
According to the Fort Worth Business Press, North Texas saw a 7 percent increase.
The national index is running 6.1 percent above the peak it reached in July 2006, right before prices went into a 27.4 percent freefall. The national home-price index hit bottom in February 2012 and has bounced back 46.2 percent since then.
The higher prices and shortage of inventory may be denting sales, and a December cold snap may have kept buyers out of the market. The Commerce Department reported that new home sales skidded 9.3 percent in December. The National Association of Realtors said sales of existing homes dropped 3.6 percent last month.
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