US home prices accelerate amid dwindling supply of homes

WASHINGTON (AP) — U.S. home prices rose at a faster pace in November than the previous month as lower mortgage rates and a sharp drop in available properties have pushed would-be buyers to bid up home values.

The S&P CoreLogic Case-Shiller 20-city home price index rose 2.6% in November from a year ago, up from a 2.2% annual gain in October.

Price increases remain modest: They fell to a seven-year low in July before picking up last fall. The number of homes for sale plummeted 8.5% last year to 1.4 million. That represents a three-month supply at the current sales pace, the lowest on records dating to 1982.