Prices rise in US property sector

The US property sector is experiencing a rise in prices as the market across the Atlantic continues to boom.

According to real estate experts in the country, property prices in areas popular with British second home owners, such as Florida and California, rose up to 11 per cent in a year.

In California, the median resale price was $562,380 in March, in New York it was $263,000 and US property prices rose by an average of 4.3 per cent on April 2005, according to the National Association of Realtors

"The market is adjusting and rising inventory levels offer buyers more opportunities," commented Kay Seitzinger, president of the Northeast Florida Association of Realtors.

Such is the popularity of US property that Florida has witnessed prices rise by 104 per cent in the past five years and an average house now costs $256,400.

This is good news for Britons who bought a second home as an investment yet prices are still lower than in the UK, offering affordable options for second home buyers.

"Buyers have a variety of housing choices at reasonable prices, especially when you consider some of the costs of waterfront property in other areas," added Auby Smith, president of the Pensacola Association of Realtors

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