US real estate prices show signs of recovery
For the first time in three years, USA real estate prices saw a rise in year on year comparison.
Excluding the Northeast, all other areas of the USA real estate markets showed home price increases during the last three months. January alone saw a rise of more than 2.2 per cent. The figures from Clear Capital, a real estate data information service, show an overall gain of 1.8 per cent on the rolling quarterly scale.
The largest increase in USA real estate prices occured in the Midwest - pushing prices up 5 per cent, the South saw an increase of one and a half per cent closely followed by a 1.3 per cent rise in the West.
The real estate arena in Detroit showed the greatest gains for the last three months; up 14 per cent in November, a 17 per cent rise in December and more than 14.5 per cent in January but this does follow a massive drop from peak prices seen a couple of years earlier.
Economists across all regions of America agree the year ahead will challenge the sustainability of price increases and the market will face many hurdles on the road to recovery.