The latest figures released have shown that the US property market is continuing its sustained revival. Property prices across the housing market rose for the fourth consecutive month as the market leans towards stability.
Across the whole country, prices rose by 2.5% in June when compared to figures from 12 months earlier, while when compared to May this year there was a 1.3% rise. The figures, which were released by CoreLogic, show an even bigger increase in prices when distressed sales were removed from the equation. There was a 3.2% year on year growth, with month on month growth showing a 2% increase.
One chief economist said of the results: “Home prices are responding positively to reductions in both visible and shadow inventory over the past year. This trend is a bright spot because the decline in shadow inventory translates to fewer distressed sales, which helps sustain price appreciation.
Another expert added: “At the halfway point, 2012 is increasingly looking like the year that the residential housing market may have turned the corner.” He added that while first-half gains had become second-half declines over the past three years, the signs are that modest price gains are supportable during the second-half of this year.
South Dakota, Wyoming and Arizona showed the highest growth when it came to residential house prices. July is expected to see a further increase of 4.3% year on year, with a rise of 1.4 per cent when figures are compared on a month on month basis.
