US house prices 'showing improvement'

The latest figures from the Standard & Poor's (S&P)/Case-Shiller Home Prices Indices show that real estate values in certain parts of the US increased in May, compared to April.

According to the data, both the 10 and 20-city composites saw average prices rise during the timeframe.

Of the 20 urban areas surveyed, just three - Detroit, Tampa and Las Vegas - saw housing values drop.

However, on an annual basis, Washington DC was the only location to see a positive change in its real estate market.

David Blitzer, chairman of the Index Committee at S&P Indices, commented: "We have now seen two consecutive months of generally improving prices; however, we might have a long way to go before we see a real recovery."

He added that the US property market needs to experience "sustained increases" over the coming months, as well as improvements on annual results, if it is to fully turnaround.

Earlier this month, the National Association of Realtors revealed that the number of house sales fell unexpectedly in June compared to May and remained well below the level experienced at the same time in 2010.
 

Like this? Then share with your friends and colleagues!