Us house prices up more than 10pc

The site’s latest report shows that all regions of the US experiences year-on-year price increases, with the average gain rising to 10.9 per cent over the 12 months to September 2013.

San Francisco led the way, with property values soaring by 28.3 per cent year-on-year, while Detroit enjoyed similarly stratospheric price rises of 23.3 per cent. The average house price in San Francisco is now $600,000. The average house price in Detroit is now $215,000.

While each metro is enjoying strong gains, the investment potential is still strong, with both values remaining 28.2 per cent and 64.5 per cent below the market’s previous peak respectively.

Alex Villacorta, Vice President of Research and Analytics, comments: “Strong performances in San Francisco and Detroit remind us that in a dynamic market, the only constant is Change. For about a year and a half now, we’ve been focused on first in, first out recoveries characterised by hard hit markets attracting investor interest, like Miami, Phoenix and Las Vegas. Now as the recovery matures, we see home buyers re-engaging in markets that haven’t fit the typical investor profile.”