S&P reported on Tuesday its Case-Shiller Home Price Index, which tracks home prices in 20 U.S. metropolitan areas, rose 2.6 percent y-o-y in November, following an unrevised 2.2 percent y-o-y increase in October.
Economists had expected an advance of 2.4 percent y-o-y.
Phoenix (+5.9 percent y-o-y), Charlotte (+5.2 percent y-o-y) and Tampa (+5.0 percent y-o-y) recorded the highest y-o-y gains in November.
Meanwhile, the S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, surged 3.5 percent y-o-y in November, up from 3.2 percent y-o-y in the previous month.
"The U.S. housing market was stable in November," noted Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. "With the month's 3.5% increase in the national composite index, home prices are currently 59% above the trough reached in February 2012, and 15% above their pre-financial crisis peak. November's results were broad-based, with gains in every city in our 20-city composite," he added.
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