A promising look at the housing market, many are calling it a comeback. Home prices jumped in November to their biggest gain in more than six years. That's according to the latest reading of the closely watched S&P Case-Shiller Index.
Home prices in 20 major U.S. cities were up 5.5 percent in November compared to last year. Ten months in a row, housing prices have been going up, up the most in Phoenix, nearly 23 percent (22.8). One local real estate expert says it's both a buyers and sellers market. With historically low interest rates, around 4 percent, people are still buying homes. Also, what's benefiting sellers at this time is low inventory, there just aren't many houses out there.
But many Americans who want to sell are holding back. They need to wait for their home values to recover completely, as many are still underwater on their mortgages.
NewsChannel 3 Reporter Shirin Rajaee reports.