US property market shows signs of recovery

Now is a good time to buy property in the US as house prices are beginning to recover, it has been claimed.

According to new figures from the National Association of Realtors (NAR), sales of existing homes rose in November, resuming an upward trend since bottoming in July.

Existing-home sales increased by 5.6 percent to a seasonally adjusted annual rate of 4.68 million in November from 4.43 million in October.

However, they are still 27.9 per cent below the cyclical peak of 6.49 million in November 2009.

NAR president Ron Phipps, advised those looking for a bargain on US property that now is a good time to buy.

"Traditionally there are far fewer buyers competing for properties at this time of the year, so serious buyers have a lot of opportunities during the winter months," he said.

"Buyers will enjoy favourable affordability conditions into the new year, although mortgage rates are expected to gradually rise as 2011 progresses."

The NAR has previously predicted an improvement in underlying market fundamentals in the coming years, leading to a slow and steady recovery in the US housing market.

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