US home prices surged 6.2% from a year ago

WASHINGTON (AP) — U.S. home prices climbed a robust 6.2 percent from a year ago, amid strong demand from would-be buyers and a shrinking supply of properties for sale.

Standard & Poor's is reporting that its SP CoreLogic Case-Shiller national home price index stood a solid 6 percent in October above its previous 2006 peak. Prices are climbing at more than double the pace of wage growth, creating some affordability pressures that have been offset by relatively low mortgage rates.

The strongest annual gains occurred in Seattle, where prices have shot up 12.7 percent since October 2015. Las Vegas has seen prices increase 10.2 percent, while San Diego notched growth of 8.1 percent. Of the 20 metro areas tracked by the index, Washington, DC reported the smallest price gain with 3.1 percent.