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US home prices rise by most in more than a year, pushed higher by dwindling supply

WASHINGTON — U.S. home prices rose in September from a year earlier at the fastest pace in 13 months as a lack of houses for sale has forced buyers to bid up available properties.

The Standard & Poor's/Case-Shiller 20-city home price index increased 5.5 per cent in September compared with a year ago, the largest annual gain since August 2014.

Steady job gains and low mortgage rates have propelled a solid rebound in home sales, which are on track to reach the highest level since 2007. The unemployment rate fell to 5 per cent in October as employers added the most jobs since December. Borrowing costs have ticked up but remain below 4 per cent, a low level historically.

San Francisco reported the largest annual gain, at 11.2 per cent, followed by Denver at 10.9 per cent.

Christopher S. Rugaber, The Associated Press

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