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US home sales rose to 5-year high in 2012

Published: January 22, 2013 Comment on this article

A measure of U.S. home prices rose 7.4 percent annually in November, real estate data provider CoreLogic said last week. That's the biggest annual increase since 2006, when the housing bubble began to burst. CoreLogic forecasts that home prices will rise 6 percent nationally this year.

Rising demand for homes has persuaded builders to step up construction, which adds to economic growth and hiring.

U.S. builders started work on homes in December at the fastest pace in 4 ½ years, the government said last week. And builders finished 2012 as their best year for residential construction since the early stages of the housing crisis.

The gains in home building helped boost construction hiring in December by 30,000 jobs — the most in 15 months.

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