NEW YORK CITY—A shortage of product is continuing to drive single-family home prices higher, with the latest S&P CoreLogic Case-Shiller Indices once again showing faster annual gains they they had in the previous month. In turn, that shortage is helping to keep sales volume down, in the view of the National Association of Realtors.

All three Case-Shiller indices—National, 10-City Composite and 20-City Composite—posted higher annual gains in November compared to October, S&P Dow Jones Indices said Tuesday. National represented a 6.2% annual gain for the month, up from 6.1% in October, while the 10-City Composite came in at 6.1% growth year over year, up from 5.9% in the previous month and the 20-City's Y-O-Y increase was 6.4%, compared to 6.3% in October.

“Home prices continue to rise three times faster than the rate of inflation,” says David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices. “The S&P CoreLogic Case-Shiller National Index year-over-year increases have been 5% or more for 16 months; the 20-City index has climbed at this pace for 28 months.”