Standard & Poor’s (S&P)/Case-Shiller Home Prices Indices are showing that prices in certain areas for property in the USA actually increased in May, compared to the month of April.

Out of twenty of the urban areas which were focused on in the survey, just three saw a decrease in property price; Detroit, Tampa and Las Vegas. Year on year however, Washington DC was the only area which recorded a positive change in the overall property market.

Index Committee chairman for S&P, David Blitzer commented: “We have now seen two consecutive months of generally improving prices; however, we might have a long way to go before we see a real recovery.”

Mr Blitzer also added that in order for the American property market to fully recover from the economic downturn, then he believed that it would need to see “sustained increases” in not only the coming months, but also annually.

This comes as the National Association of Realtors revealed earlier this month that house sales took an unexpected tumble between May and June, when compared to the same period last year.

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