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In September, U.S. home prices rose at the fastest pace in more than three years, lifted by a record-low supply of houses for sale.

The Standard & Poor’s CoreLogic Case-Shiller national home price index rose 6.2% in September from a year earlier, the largest gain since June 2014. In 13 of the 20 cities tracked by the index, yearly price gains in September were faster than in August.

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Homebuyers are desperately bidding up prices because so few properties are available. The number of homes for sale in September was the fewest for that month on records dating back to 2001. And home builders aren’t yet putting up enough new homes to reduce the supply crunch.

Seattle, Las Vegas and San Diego reported the highest year-over-year gains.

Originally published on Advisor.ca
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