New U.S. single-family home sales in November rose less than expected and the prior month’s increase was revised down.
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Steady job growth, low mortgage rates and tight inventories helped fuel rising U.S. home prices in October.The Standard & Poor's/Case-Shiller 20-city home price index rose 5.5 percent in the 12 months ending in October, up from a 5.4 percent pace in September, according to a report released Tuesday.Still, many buyers are also benefiting from 30-year, fixed-rate mortgages averaging less than 4 percent, making it cheaper to borrow for a home.When the Fed previously hiked this rate from 1 percent to 5.25 percent through the middle of 2007, mortgage rates increased a mere 0.75 points.The Case-Shiller index covers roughly half of U.S. homes.
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