Home prices rose 5.6 percent in 12 months through November

, Bloomberg

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U.S. home prices climbed 5.6 percent in the 12 months through November as buyers competed for a dwindling inventory of properties, according to the Federal Housing Finance Agency.

Prices rose 0.6 percent from October on a seasonally adjusted basis, the FHFA said Wednesday in a report from Washington. The average estimate of 15 economists in a Bloomberg survey was for a 0.7 percent advance.

Home prices have been climbing as growing employment and low borrowing costs fuel demand. Sales of existing homes fell 1 percent in December to a 4.94 million annual rate, restrained by the tight supply of available properties, figures from the National Association of Realtors showed Tuesday.

The FHFA data, which is based on single-family houses with mortgages backed by Fannie Mae or Freddie Mac, doesn't provide a specific price. The median price of an existing single-family home, as measured by the National Association of Realtors, was $180,800 last month, up 12 percent from a year earlier.

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