US housing prices have risen for a sixth consecutive month, confirming a faster than expected revival in the sector that could fuel economic growth.
The S&P/Case-Shiller home price index rose by a seasonally-adjusted 0.3 per cent in September and is up 3 per cent over the past year. The recovery has spread to some of the cities hit hardest by the housing crash, with prices up 1.4 per cent in Las Vegas, 1.1 per cent in Phoenix and 0.7 per cent in Detroit.
Rising prices in those cities could allow homeowners to regain enough equity to refinance their mortgages, spurring consumer spending and giving the historic low interest rates engineered by the US Federal Reserve new power to stimulate the economy.
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