US house prices: biggest rise in six years

Monday, July 29, 2013

US house prices: biggest rise in six years

America's Associated Press reported this week that US home prices jumped 12.2 per cent in May 2013 compared with a year ago, the biggest annual gain since March 2006.

This increase offers further proof that the housing recovery is strengthening across the Pond.

The Standard & Poor's/Case-Shiller 20-city home price index released on 30th July 2013 surged 2.4 per cent in May from April.

The month-over-month gain nearly matched the 2.6 per cent increase in April from March - the highest on record.

The price increases were widespread. All 20 cities showed gains in May from April and compared with a year ago.

Prices in Dallas and Denver reached the highest level on records dating back to 2000. That marks the first time since the housing bust that any city has reached an all-time high.

Home values are rising as more people are bidding on a scarce supply of houses for sale. Steady price increases, along with stable job gains and historically low mortgage rates, have in turn encouraged more Americans to buy homes.

The index covers roughly half of US homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The May figures are the latest available.

"This is more good news - at last - for property investors in the US," comments Bill Cowie of British Home Group Florida.

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