According to the Standard & Poor's/Case Shiller index, house prices in the US continue to see a strong growth.
The index showed that US house prices were 12.1 per cent higher in June this year, compared to June last year - although as investing.com reports that the figure is slightly below May's. During that month, prices grew by 12.2 per cent.
Despite that, house prices rose across every city measured in the index during June. The index looks at house prices of single-family homes in 20 different cities, reports bbc.co.uk.
Homes on sale in Las Vegas and San Francisco specifically could be difficult to buy, as properties in those cities have shown the strongest growth, with house prices increasing by almost 25 per cent over the period of a year. This increase might not last for much longer though, as some experts think that the market might be slowing down due to the increase in mortgage rates.
Ian Shepherdson, chief economist at Pantheon Macroeconomics, commented on the findings: "The volatility of the numbers mean it is much too soon to call this definitive evidence of a slowdown in the pace of price increases, still less evidence of the impact of the rise in mortgage rates.
"We will be watching these data closely over the next few months."
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Author
Laura Varley