US house prices moving up

The most recent report from the National Association of Realtors reveals a drop in sales of previously owned homes during last month but residential USA real estate prices are building. The national average price for a pre-owned property (all types of dwellings included) has increased by almost 8 per cent during the last twelve months and now stands at around $189,400. According to the NAR there is strong demand from domestic buyers of USA real estate but credit restrictions still prevent a high percentage of potential buyers from realising their dream of home ownership. The lack of affordable homes for first time buyers is limiting the amount of possible sales and helping to push house prices higher. The report highlights the level of total housing inventory is 2.39 million existing homes – a fall of almost 25 per cent from a year ago. The amount of foreclosure sales fell by 5 per cent from a year ago and this number is expected to diminish further in the months ahead.