Us home sales begin slow recovery

Some 4.5 million houses were sold across the US in the final quarter of 2010, new figures showed.

The National Association of Realtors said the total represented growth of 15.4% on the previous quarter. But it was still nearly a fifth lower (19.1%) than that seen during the same period of 2009.

Lawrence Yun, chief economist at the body, said: "Home sales clearly recovered in the latter part of 2010 and are helping to absorb the inventory, including many distressed properties."

Existing property in the US cost an average $170,600 (£106,669) in the last three months of 2010, a 0.2% rise on the year before. Prices in the north east of the country increased 2.3% on average but western US regions saw average price falls of 2.9%. Distressed homes, sold at a discount of 10-15%, made up 34% of fourth-quarter sales. The housing markets recovered better in regions which had less unemployment.

Source: Press Association