Economists forecast that the 20-city index, which covers major metropolitan areas like Seattle and Chicago, increased by 5.03% year-over-year in November, according to the Bloomberg consensus.
The 20-city index ticked up by 5.1% in October.
Moreover, the October reading also showed that the national home-price index rose by 5.6% on an annualized basis.
Though prices are back at levels seen in the most recent housing bubble, economists contend that speculation and euphoria are not driving the market this time.
Home prices have been rising as a healthy jobs market and historically low mortgage rates have increased demand for homeownership since the financial crisis. Also, constrained supply helped to bid up the prices of existing homes, especially in desirable East Coast and West Coast cities.