The US National Home Price Index rose 4.4 per cent across the second quarter of 2010, according to Standard & Poor's latest S&P/Case-Shiller Home Price Indices.

This followed a drop of 2.8 per cent in the first three months of the year and puts US property prices 3.6 per cent higher than a year ago.

Of the 20 cities included in the index, 15 saw a year-on-year increase in property prices, with San Francisco and San Diego showing the biggest leaps of 14 per cent and 11 per cent respectively.

David M Blitzer, chairman of the Index Committee at Standard & Poor's, said: "Even with concerns about near term developments, we recognize that the housing market is in better shape than this time last year. Further, California's cities have moved from some of the hardest hit to three of the four leading cities based on year-over-year gains."

Last week, Mayfair International Realty said that the US offers some good opportunities for British property investors as home sales in the nation are currently slowing.