US house prices show fresh rise

The average house price in a major US city has risen again, two new surveys have shown.

Data from the S&P /Case-Shiller Home Price Indices has indicated that the mean value of homes in ten-city and 20-city indicators has risen for the sixth successive month, with July figures showing the rate of annual decline to be down.

Of the 20 largest metropolitan areas, 18 saw increases in the month, with 13 having shown three successive rises.

Chairman of the Standard and Poors Index Committee David Blitzer observed: "The rate of annual decline in home price values continues to decelerate and we now seem to be witnessing some sustained monthly increases across many of the markets."

The news was the second indicator of positive house price trends in the US to emerge this week.

National Association of Realtors figures for August indicated that existing home sales in August were 3.4 per cent higher than in the same month last year.

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