The S&P/Case Shiller composite index, which was released on Tuesday (January 27), noted an annualized single-family home price hike of 5.8 percent in November 2015. Observed in 20 metropolitan areas, this increase was the largest recorded since July 2014.
Other high-cost locales according to the survey were San Francisco, CA and Charlotte, NC. On the whole, national home prices went up 29.2 percent from January 2012, right after the worst of the recession.
“Home prices extended their gains, supported by continued low mortgage rates, tight supplies and an improving labor market,” S&P Dow Jones Indices index committee chairman and managing director David M. Blitzer told Canadian publication The Globe and Mail.
On a seasonally adjusted basis, prices increased by 0.9 percent from October to November 2015, while non-seasonally adjusted costs rose by 0.1 percent in the same period.
Three U.S. cities—namely, Dallas, TX; Denver, CO; and Portland, OR—are now at record-breaking highs, according to the results of a recent survey.