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Home prices rise in most metros


U.S. home prices increased, in real terms, by 0.8 percent in the month of November and by 15.3 percent compared to a year earlier, according to First American Corp.

“Household income, mortgage rates and the unadjusted house price index all increased compared with a year ago,” First American Chief Economist Mark Fleming said. Home prices rose in November in 44 of the 50 markets that the company tracks. 

Fleming further estimated that a consumer’s house-buying power fell by 7.5 percent year over year in November — an estimate of how much a person could buy given changes in mortgage rates and wages. 

Real home prices declined over the month in several high-cost cities, including San Jose and San Diego, California; Boston; Pittsburgh; Portland, Oregon; and Seattle.

“Rising inventory is one reason these markets are bucking the national trend,” Fleming said. 


 

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