U.S. home prices continued to rise, ticking up at a faster clip in November than analysts expected, according to a report out Tuesday.
The S&P/Case-Shiller 20-City Composite rose 5.8 percent year over year in November. That was above consensus estimates for a 5.6-percent jump and faster than the 5.5-percent increase in October.
"Home prices extended their gains, supported by continued low mortgage rates, tight supplies and an improving labor market," David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.
"Sales of existing homes were up 6.5% in 2015 vs. 2014, and the number of homes on the market averaged about a 4.8 months' supply during the year; both numbers suggest a seller's market," he added.