(MENAFN- AFP) US home price gains picked up in November with the market still supported by cheap credit and tight supplies, according to the S&P/Case-Shiller index released Tuesday.
The index for 20 leading urban areas showed a 0.9 percent rise in the month and was up 5.8 percent year on year, with gains in all key markets. The annual increase was 5.5 percent in October.
"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, in a statement.
Given the 6.5 percent rise in existing-home sales over the year, and the tight supply of properties on the market -- 4.8 months' worth on average at the current sales pace -- Blitzer called the situation a seller's market.
Year-over-year gains were strongest in the western hubs of Portland, San Francisco and Denver, with prices in all three about 11 percent higher.
Prices in three cities, Dallas, Denver and Portland, have topped their highs ahead of the 2007-2009 crisis, and San Francisco is now even with its earlier peak.
The overall national Case-Shiller price index remains 4.8 percent below the pre-crisis peak.
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