Home prices up in November at fastest rate since July 2014

Annualized U.S. single-family home prices rose more than expected in November and at the fastest pace in 16 months, a closely watched survey showed on Tuesday. "Home prices extended their gains, supported by continued low mortgage rates, tight supplies and an improving labor market," said David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices. Home prices in three U.S. cities, Dallas, Denver and Portland, Oregon, are now at record levels, the survey