A leading measure of home prices in the biggest American cities posted strong year-over-year growth in November.
The S&P/Case Shiller 20-city index rose 5.5% from the same month a year earlier, rising in 19 out of the 20 metro areas tracked by the gauge.
According to the index, from October to November, prices declined 0.1% -- a normal seasonal slowdown. The data are the latest indication that home prices continued to rise through the end of last year as housing inventory dwindled and demand surged.
"Housing is clearly recovering," said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices. "Prices are rising, as are both new and existing home sales."