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Us House Prices 'in Biggest Annual Rise For Seven Years'

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According to the closely-watched Standard & Poors/Case-Shiller index, all 20 US cities measured posted annual gains for the third straight month.

The data will help raise hopes that the property market is starting to recover after a deep recession.

However, the report said some of the price rises may have been driven by the limited supply of homes on the market.

For the first quarter of this year, the seasonally adjusted national index rose 3.9%, stronger than the 2.4% gain that was seen in the final quarter of last year.

Annual prices rose in Phoenix by 22.5%, the biggest gain among the 20 cities. It was followed by San Francisco (22.2%) and Las Vegas (20.6%).

New York City had the smallest annual increase at 2.6%, followed by Cleveland at 4.8%.

The Case-Shiller index adds to recent data suggesting that the US housing market is steadily recovering, buoyed by solid employment gains and near-record low mortgage rates.

Sales of new homes rose in April to nearly a five-year high. And sales of previously-occupied homes rose in April to the highest level in three and a half years.

Yeah, of course that's sustainable.

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  • 242 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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