The rebound of property values in the U.S. barreled through November, which was the ninth consecutive month of price gains due largely to a classic case of supply-and-demand, according to the latest FNC report.
Signs of market recovery are continuing to drive up demand as potential homebuyers jump on low prices.
Nationally, home prices were up 0.3% in November, based on recorded sales of non-distressed properties in the 100 largest metropolitan areas throughout the country. As prices moved higher for the ninth consecutive month, the total appreciation rate hit 5.3% year to date.
Foreclosures dropped by 4.8% since November 2011 and made up 20% of total home sales in November.
FNC reported that two-thirds of the component markets tracked by the index show continued price improvement in November.
Las Vegas recorded the largest month-over-month increase, rising 3.4% since October. However, Chicago lagged behind other cities with home price declining 0.8% in the 12 months ending in November and a high level of distressed sales.