Home Prices in 20 U.S. Cities Climbed at Faster Pace in December

Home prices in 20 U.S. cities rose in the 12 months through December at the fastest pace in almost a year, while nationwide the gain in values was the biggest since 2014, according to S&P CoreLogic Case-Shiller data reported Tuesday.

A limited number of listings is keeping home values elevated as buyers compete for properties. Figures Monday from the National Association of Realtors showed contract signings for existing homes dropped last month as higher housing prices and a pickup in mortgage rates made purchases less affordable. Nonetheless, solid hiring and a nascent gain in incomes will probably keep potential homebuyer traffic elevated and underpin sales.