US home prices up

WASHINGTON: US home prices picked up in November with the market still supported by cheap credit and tight supplies, according to the S&P/Case-Shiller index released on Tuesday. The index for 20 leading urban areas showed a 0.9 per cent rise in the month and was up 5.8 per cent year-on-year, with gains in all key markets. The annual increase was 5.5 per cent in October. Given the 6.5 per cent rise in existing-home sales over the year, and the tight supply of properties on the market, David Blitzer, chairman of the index committee at S&P Dow Jones Indices, called the situation a seller’s market.