US house prices up for fourth month in a row

US house prices rose for the fourth month in a row in June, according to the latest CoreLogic report.

The firm's June index found that the average price of property in America increased by 1.3 per cent from May 2012, leaving values 2.5 per cent higher than last year. The jump marked the fourth consecutive month in which prices increased both on an annually and monthly basis, as the US market recovery fully gathers momentum.

And that recovery is expected to keep going, according to CoreLogic, with prices predicted to rise by at least 0.4 per cent in July - and 2 per cent on a year-on-year basis.

"Home prices are responding positively to reductions in both visible and shadow inventory over the past year," commented Mark Fleming, chief economist for CoreLogic. "This trend is a bright spot because the decline in shadow inventory translates to fewer distressed sales, which helps sustain price appreciation."

Anand Nallathambi, president and chief executive officer of CoreLogic added: "While first half gains have given way to second half declines over the past three years, we see encouraging signs that modest price gains are supportable across the country in the second half of 2012."

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