Evidence that the property USA market may be starting to bounce back has emerged with news that sales of new build homes are up.

Figures from the US department of housing and urban development showed that the seasonally-adjusted number of sales of one-family new build homes was 464,000 in September.

This represents a rise of 2.7 per cent ion the August total of 452,000.

While this figure is a third less than that of September 2007, the positive news may be the first sign that property USA is beginning to recover.

Such news comes in the wake of concerted action by the US and other countries to provide capital and liquidity to banks as well as cutting interest rates.

Congress passed legislation to spend $700 billion (£446 billion) on bailing out the banks earlier this month, while the Federal Reserve cut the cash rate by 0.5 per cent.

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