Shrinking Inventory Helps Boost Home Prices in Many U.S. Cities

Paul Dykewicz

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Shrinking Inventory Helps Boost Home Prices in Many U.S. Cities (Bloomberg)

A dwindling inventory of foreclosed properties has helped restrict the supply of homes for sale, pushing up prices despite pricing mortgage rates. Home prices in 20 U.S. cities rose in October from a year ago by the most in more than seven years, showing signs of a U.S. real-estate rebound. The S&P/Case-Shiller index of property prices in 20 cities climbed 13.6 percent from October 2012, the biggest 12-month gain since February 2006, after a 13.3 percent increase in the year ended in September, a report from the group showed today. The median projection of 22 economists surveyed by Bloomberg called for a 13.5 percent advance.

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Stocks closed mostly flat on Monday following a two-week rally, with weaker-than-forecast housing data and light trading volume holding back upward momentum.

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