Prices in the twenty biggest cities in the US climbed 0.5pc in June compared with the same month last year, according to the S&P/Case-Shiller Index.
Compared with May, prices were up 0.9pc, the survey said. It is the latest evidence that a combination of low interest rates and the more than 30pc decline in prices since the crash began in 2007 is tempting buyers back to the market.
“We seem to be witnessing exactly what we needed for a sustained recovery,” David Blitzer. “The market may have finally turned around.”
The stronger-than-expected performance in June tallies with a report last week that showed new home sales climbed to a two-month high. Economists suggested that the recovery could at least be sustained for the remainder of the year.
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