Growth continues for US house prices
By James Roberts

Growth continues for US house prices

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The value of property in the US climbed by 2.2 per cent year-on-year in July, with the west of the country posting the biggest gains.

This is the finding of the latest survey conducted by Clear Capital, which revealed real estate in the west of the US increased in value by 6.2 per cent annually last month. At the other end of the spectrum, homes in the mid-west experienced price falls of 0.1 per cent.

Dr Alex Villacorta, director of research and analytics at Clear Capital, highlighted the changing nature of the recovery in the US's western states.

"For the second month in a row, the price rebound has broken out of the low price tier segments into higher priced homes. As the pool of buyers expands, the west continues to position for the next phase of recovery," he asserted.

Data published last month by the National Association of Realtors also indicated the west of the US is outperforming other regions, with the organisation recording annual house price growth of 13.3 per cent in May.

This was the only area to post a double-digit rise in the price of residential property during this period.
 
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