There was further good news for homeowners in the USA in May as house prices continued their 27 month climb.
Led by Hawaii, California and Nevada every state recorded a rise, with ten states hitting record prices.
Property analyst firm Core Logic released data recently that showed house prices increase by 8.8 per cent year-on-year in May.
They predicted prices to rise 6 per cent in the next 12 months.
While the rate of growth was slowing after two years of at times sharp rises, there was a sliver lining. The threat of a property bubble was looking less likely and houses would remain affordable.
“That means the housing market will avoid becoming overvalued, allowing the recovery in sales activity and housing starts to continue,” Paul Diggle, Capital Economics property analyst said.