US property market 'improving' says Fed

There are signs that the US property market is strengthening, the US Federal Reserve has said.

In its six-weekly Beige Book on the state of the US economy - based on reports from a selection of 12 major urban centres - the central bank stated: "Residential real estate markets remained weak, but signs of improvement continued to be noted."

The publication listed Chicago, Richmond, Boston, and San Francisco as locations that had seen a rise in home sales during recent weeks.

It also commented that house prices have generally been falling, but with significant exceptions, such as in Dallas and New York.

These figures came in the context of an overall economic assessment suggesting the situation has "continued to stabilise", with the view from the commercial sector being "cautiously positive".

Such findings may encourage those looking to invest in US property in anticipation of a strengthened market based on a wider recovery.

The view that matters are improving can be based on recent statistics such as the increase in pending home sales noted recently by the National Association of Realtors.

It revealed that a 3.2 per cent rise had taken place in July, with this being the sixth successive monthly jump.

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