US residential property prices up

US house prices rose in April, registering the first monthly increase since October 2010, data from the Standard and Poor's (S&P)/Case-Shiller Home Price Indices has revealed.

According to the figures, both the ten and 20-city composites were up, recording a 0.8 per cent and 0.7 per cent hike respectively.

However, the organisation noted that residential real estate values are still significantly lower than they were at the same time in 2010.

Chairman of the Index Committee at S&P Indices David Blitzer was cautious about the prospects for further improvements in the market.

"It is much too early to tell if this is a turning point or simply due to some warm weather," he stated.

Last month, David Freeman, director and founder of Rogue Property, commented that the US housing market represents a lucrative opportunity for real estate investment.

He explained that due to the currently low prices available, buyers can pick something up "very, very cheap" and as a result realise a good return if they are prepared to wait for the sector to recover.
 

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