US home prices rise 5.3 percent


U.S. home prices rose in November, pushed up by strong demand and a shrinking supply.

The Standard & Poor’s CoreLogic Case-Shiller 20-city home index rose 5.3 percent, reports The Associated Press. The report was released Tuesday.

Home sales remain healthy despite rising mortgage rates, which suggests buyers are trying to lock down purchases before further rate increases.

Meanwhile, the number of available homes for sale has fallen to a 17-year low, reports the AP.

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