Home prices in 20 US cities up in Nov

[WASHINGTON] Home prices in 20 US cities rose in November from a year ago by the most in almost eight years, providing a boost to household wealth.

The S&P/Case-Shiller index of property prices in 20 cities climbed 13.7 per cent from November 2012, the biggest 12-month gain since February 2006, after a 13.6 per cent increase in the year ended in October, a report from the group showed on Tuesday in New York. The median projection of 31 economists surveyed by Bloomberg called for a 13.8 per cent advance.

A limited number of available properties is helping to sustain home price appreciation even as higher mortgage rates cool demand and leave purchases out of reach for some Americans. Further strides in the housing market this year would be made easier by a pick-up in job and income growth.