In this Monday, Feb. 26, 2018, photo, a sold sign is displayed in front of a new development in Woodcliff Lake, N.J. On Tuesday, Feb. 27, the Standard & Poor's/Case-Shiller 20-city home price index for December is released. (AP Photo/Seth Wenig)

US home prices jump in 2017 at fastest pace in 3 ½ years

February 27, 2018 - 9:04 am

WASHINGTON (AP) — U.S. home prices rose last year at the fastest 12-month pace in more than three years, as potential home buyers fought over a limited number of available properties.

Standard & Poor's said that its S&P CoreLogic Case-Shiller national home price index jumped 6.3 percent in 2017, the most since June 2014. Home prices are rising much faster than wages and overall measure of inflation.

Steady hiring and broad economic growth are making it easier for more Americans to afford a house, spurring demand. Yet fewer Americans are listing their homes for sale, in some cases because they would face a higher mortgage rate if they bought a new home. The number of homes for sale in January was the lowest for that month on records dating back to 1999.

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