US house prices notched their biggest monthly gain in four years in July, raising hopes that residential property has bottomed out in the wake of the biggest decline in the market in more than half a century.
House prices rose by 1.6 per cent from June to July, the third consecutive monthly increase, according to the closely watched S&P/Case-Shiller index. The figures were better than economists predicted, with 18 out of 20 US cities reporting monthly gains.
Compared with a year ago, house prices were off by 13.3 per cent, the smallest year-on-year drop in 17 months. US home prices are now back to levels last seen in 2003 and are off their 2006 peak by 32.6 per cent.
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