US home sales rise as prices drop

Property sales in the US have risen following recent price falls in the country, it has been revealed.

Individuals looking to buy property in the country may be interested in the results of the latest index from CoreLogic.

According to the company, prices fell by 1.5 per cent across the country compared to last year, although individual markets experienced steeper drops.

Indeed, of the 100 metropolitan districts surveyed by CoreLogic, 78 recorded a fall in real estate values, the research found.

Prices fell the most in Idaho, down by 14 per cent in August and there was a 10.4 per cent fall in Alabama and a 7.3 per cent decrease for Utah.

"A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium," said Lawrence Yun, National Association of Realtors chief economist.

"But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favourable affordability conditions."

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