U.S. home prices rise in November

NEW YORK — The S&P Case-Shiller home price index showed a faster than anticipated growth in November, with the 20-City Composite jumping by 5.8%. Following a 5.5% rise in October, analysts had expected a slight acceleration to 5.6%. “Home prices extended their gains, supported by continued low mortgage rates, tight supplies, and an improving labor market,” said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “Sales of existing homes were up 6.5% in 2015 vs. 2014, and the number of homes on the market averaged about a 4.8 months’ supply during the year; both numbers suggest a seller’s market”.